Common use of Control of Securities Accounts Clause in Contracts

Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust agrees that each of the Collection Account, the Pre-Funding Account, the Note Payment Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the Trust; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.

Appears in 6 contracts

Samples: Sale and Servicing Agreement (Mmca Auto Receivables Trust), Sale and Servicing Agreement (Mmca Auto Owner Trust 2002-4), Sale and Servicing Agreement (Mmca Auto Owner Trust 2002-4)

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Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust agrees that each of the Collection Account, the Pre-Funding Account, the Note Payment Account, the Reserve Account, the Supplemental Reserve Account, the Negative Carry Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the Trust; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.

Appears in 3 contracts

Samples: Sale and Servicing Agreement (Mmca Auto Receivables Trust), Sale and Servicing Agreement (Mmca Auto Receivables Trust), Sale and Servicing Agreement (Mmca Auto Receivables Inc)

Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust agrees that each of the Collection Account, the Pre-Funding Account, the Note Payment Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the Trust; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.

Appears in 3 contracts

Samples: Sale and Servicing Agreement (Mmca Auto Owner Trust 2001-3), Sale and Servicing Agreement (Mmca Auto Owner Trust 2000-2), Sale and Servicing Agreement (Mmca Auto Owner Trust 2001-3)

Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust agrees that each of the Collection Account, the Pre-Funding and Reinvestment Account, the Note Payment Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the Trust; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Mmca Auto Receivables Trust), Sale and Servicing Agreement (Mmca Auto Receivables Trust)

Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust agrees that each of the Collection Account, the Pre-Funding Account, the Reinvestment Account, the Note Payment Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the Trust; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Mmca Auto Owner Trust 2002-1), Sale and Servicing Agreement (Mmca Auto Receivables Trust)

Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust agrees that each of the Collection Account, the Pre-Funding Account, the Note Payment Account, the Reserve Account, the Supplemental Reserve Account, the Negative Carry Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the Trust; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.. ARTICLE V

Appears in 1 contract

Samples: Sale and Servicing Agreement (Mmca Auto Receivables Inc)

Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust Issuer agrees that with respect to each of the Collection Account, the Pre-Funding Account, the Note Payment Account, the Reserve Account, the Negative Carry Supplemental Reserve Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that which agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., i.e. orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the TrustIssuer; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.. ARTICLE V

Appears in 1 contract

Samples: Sale and Servicing Agreement (Mmca Auto Receivables Inc)

Control of Securities Accounts. (a) Notwithstanding anything else contained herein, the Servicer, the Depositor and the Trust agrees that each of the Collection Account, the Pre-Funding Prefunding Account, the Class A Note Payment Account, the Reserve Account, the Negative Carry Class B Note Payment Account and the Yield Supplement Reserve Account will only be established at a Qualified Institution or Qualified Trust an Eligible Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller Trust, the Servicer or the TrustDepositor; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts; and (iv) that all property credited to such accounts are "financial assets" as defined in Section 8-102(9) of the Relevant UCC.

Appears in 1 contract

Samples: Sale and Allocation Agreement (First Investors Financial Services Group Inc)

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Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust Issuer agrees that with respect to each of the Collection Account, the Pre-Funding Account, the Note Payment Account, the Reserve Account, the Negative Carry Supplemental Reserve Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that which agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., I.E. orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the TrustIssuer; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Mmca Auto Receivables Inc)

Control of Securities Accounts. (1) Notwithstanding anything else contained herein, the Servicer, the Depositor and the Trust agrees that each of the Collection Account, the Pre-Funding Account, the Note Payment Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Reserve Account will only be established at a Qualified Institution or Qualified Trust an Eligible Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller Trust, the Servicer or the TrustDepositor; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts; and (iv) that all property credited to such accounts are "financial assets" as defined in Section 8-102(9) of the Relevant UCC.

Appears in 1 contract

Samples: Sale and Allocation Agreement (First Investors Financial Services Group Inc)

Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust agrees that each of the Collection Account, the Pre-Funding Account, the Reinvestment Account, the Note Payment Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the Trust; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Mmca Auto Receivables Trust)

Control of Securities Accounts. Notwithstanding anything else contained herein, the Trust agrees that each of the Collection Account, the Pre-Funding Account, the Note Payment Account, the Reserve Account, the Negative Carry Account and the Yield Supplement Account will only be established at a Qualified Institution or Qualified Trust Institution that agrees substantially as follows: (i) it will comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the Relevant UCC; i.e., orders directing the transfer or redemption of any financial asset) relating to such accounts issued by the Indenture Trustee without further consent by the Seller or the Trust; (ii) until the termination of the Indenture, it will not enter into any other agreement relating to any such account pursuant to which it agrees to comply with entitlement orders of any Person other than the Indenture Trustee; and (iii) all assets delivered or credited to it in connection with such accounts and all investments thereof will be promptly credited to such accounts.. Section 4.11

Appears in 1 contract

Samples: Sale and Servicing Agreement (Mmca Auto Owner Trust 2001-3)

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