Common use of Control of the Bank Accounts Clause in Contracts

Control of the Bank Accounts. Each Bank Account will be a “securities account” within the meaning of Section 8-501 of the New York UCC. The Revolving Facility Collection Account will be under the sole dominion and control of the Collateral Agent, as secured party for the benefit of the Lender; provided, that following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, such Collection Account will be under the sole dominion and control of the Borrower. However, the Servicer may make deposits to or request the Collateral Agent (or, following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, the Borrower) to make deposits to or withdrawals from such Collection Account in accordance with the Collateral Agency Agreement and this Agreement. All monies deposited in such Collection Account pursuant to the Collateral Agency Agreement and this Agreement will be held (i) until the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, by the Collateral Agent and (ii) following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, by or on behalf of the Borrower, and in each case will be applied only upon the terms and conditions of the Basic Documents. The authority of the Servicer to make deposits to the Revolving Facility Collection Account is revocable at any time by the Collateral Agent until the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, and thereafter by the Borrower. The rights of the parties in, to and under each Bank Account that is established with respect to a Reference Pool will be governed by the terms of the related Servicing Supplement.

Appears in 3 contracts

Samples: Servicing Agreement (Mercedes-Benz Auto Lease Trust 2023-A), Servicing Agreement (Mercedes-Benz Auto Lease Trust 2023-A), Servicing Agreement (Daimler Trust)

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Control of the Bank Accounts. Each of the Bank Account Accounts for the 2014-B Reference Pool will be a “securities account” within under the meaning of Section 8-501 sole dominion and control of the New York UCC. The Revolving Facility Indenture Trustee, as secured party for the benefit of the 2014-B Secured Parties, so long as the Bank Accounts remain subject to the Lien of the Indenture; provided, that, (i) following the payment in full of the Notes and the release of the Bank Accounts from the Lien of the Indenture, the Exchange Note Collection Account will be under the sole dominion and control of the Collateral Agent, as secured party for the benefit of the Lender; provided, that following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, such Collection Account will be under the sole dominion and control of the Borrower. However, the Servicer may make deposits to or request the Collateral Agent (or, following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, the Borrower) to make deposits to or withdrawals from such Collection Account in accordance with the Collateral Agency Agreement and this Agreement. All monies deposited in such Collection Account pursuant to the Collateral Agency Agreement and this Agreement will be held (i) until the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, by the Collateral Agent and (ii) following the payment in full of the Revolving Facility 2014-B Exchange Note, the Exchange Note Collection Account will be under the sole dominion and control of the Borrowers. However, the Servicer may make deposits to or request the Indenture Trustee (or, after the Note Balance of the Notes has been reduced to zero, the Collateral Agent, and following the payment in full of the 2014-B Exchange Note, the Borrowers) to make deposits to or withdrawals from the Exchange Note Collection Account in accordance with the Exchange Note Supplement, the Credit and Security Agreement, the Servicing Agreement and this Servicing Supplement. All monies deposited in the Exchange Note Collection Account under the Exchange Note Supplement, the Credit and Security Agreement, the Servicing Agreement or this Servicing Supplement will be held (i) until the Note Balance of the Notes has been reduced to zero and the termination Bank Accounts have been released from the Lien under the Indenture, by the Indenture Trustee, (ii) until the payment in full of the Revolving Facility2014-B Exchange Note, by the Collateral Agent and (iii) following the payment in full of the 2014-B Exchange Note, by or on behalf of the BorrowerBorrowers, and in each case will be applied only upon on the terms and conditions of the 2014-B Basic Documents, as applicable. The authority of the Servicer to make deposits to the Revolving Facility Collection Account Bank Accounts is revocable at any time (i) by the Indenture Trustee until the Note Balance of the Notes has been reduced to zero, (ii) then, by the Collateral Agent until the payment in full of the Revolving Facility Balance 2014-B Exchange Note and the termination of the Revolving Facility(iii) then, and thereafter by the Borrower. The rights of the parties in, to and under each Bank Account that is established with respect to a Reference Pool will be governed by the terms of the related Servicing SupplementBorrowers.

Appears in 2 contracts

Samples: Servicing Agreement (Ford Credit Auto Lease Trust 2014-B), Servicing Agreement (Ford Credit Auto Lease Trust 2014-B)

Control of the Bank Accounts. Each of the Bank Account Accounts with respect to the 2012-B Reference Pool will be a “securities account” within under the meaning of Section 8-501 sole dominion and control of the New York UCC. The Revolving Facility Indenture Trustee, as secured party for the benefit of the 2012-B Secured Parties, so long as the Bank Accounts remain subject to the Lien of the Indenture; provided, that, (i) following the payment in full of the Notes and the release of the Bank Accounts from the Lien of the Indenture, the Exchange Note Collection Account will be under the sole dominion and control of the Collateral Agent, as secured party for the benefit of the Lender; provided, that following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, such Collection Account will be under the sole dominion and control of the Borrower. However, the Servicer may make deposits to or request the Collateral Agent (or, following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, the Borrower) to make deposits to or withdrawals from such Collection Account in accordance with the Collateral Agency Agreement and this Agreement. All monies deposited in such Collection Account pursuant to the Collateral Agency Agreement and this Agreement will be held (i) until the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, by the Collateral Agent and (ii) following the payment in full of the Revolving Facility 2012-B Exchange Note, the Exchange Note Collection Account will be under the sole dominion and control of the Borrowers. However, the Servicer may make deposits to or request the Indenture Trustee (or, after the Note Balance of the Notes has been reduced to zero, the Collateral Agent, and following the payment in full of the 2012-B Exchange Note, the Borrowers) to make deposits to or withdrawals from the Exchange Note Collection Account in accordance with the Exchange Note Supplement, the Credit and Security Agreement, the Servicing Agreement and this Servicing Supplement. All monies deposited in the Exchange Note Collection Account pursuant to the Exchange Note Supplement, the Credit and Security Agreement, the Servicing Agreement or this Servicing Supplement will be held (i) until the Note Balance of the Notes has been reduced to zero and the termination Bank Accounts have been released from the Lien under the Indenture, by the Indenture Trustee, (ii) until the payment in full of the Revolving Facility2012-B Exchange Note, by the Collateral Agent and (iii) following the payment in full of the 2012-B Exchange Note, by or on behalf of the BorrowerBorrowers, and in each case will be applied only upon the terms and conditions of the 2012-B Basic Documents, as applicable. The authority of the Servicer to make deposits to the Revolving Facility Collection Account Bank Accounts is revocable at any time (i) by the Indenture Trustee until the Note Balance of the Notes has been reduced to zero, (ii) then, by the Collateral Agent until the payment in full of the Revolving Facility Balance 2012-B Exchange Note and the termination of the Revolving Facility, and (iii) thereafter by the Borrower. The rights of the parties in, to and under each Bank Account that is established with respect to a Reference Pool will be governed by the terms of the related Servicing SupplementBorrowers.

Appears in 2 contracts

Samples: Servicing Agreement (Ford Credit Auto Lease Trust 2012-B), Servicing Agreement (Ford Credit Auto Lease Trust 2012-B)

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Control of the Bank Accounts. Each Bank The Collection Account will be a “securities account” within with respect to the meaning of Section 8-501 of the New York UCC. The Revolving Facility Collection Account Pool will be under the sole dominion and control of the Collateral Agent, as secured party for the benefit of the LenderSecured Parties; provided, that following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, such Collection Account will be under the sole dominion and control of the BorrowerBorrowers. However, the Servicer may make deposits to or request the Collateral Agent (or, following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, the BorrowerBorrowers) to make deposits to or withdrawals from such Collection Account in accordance with the Collateral Agency Credit and Security Agreement and this Agreement. All monies deposited in such Collection Account pursuant to the Collateral Agency Credit and Security Agreement and this Agreement will be held (i) until the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, by the Collateral Agent and (ii) following the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, by or on behalf of the BorrowerBorrowers, and in each case will be applied only upon the terms and conditions of the Basic Documents. The authority of the Servicer to make deposits to the Collection Account with respect to the Revolving Facility Collection Account Pool is revocable at any time by the Collateral Agent until the payment in full of the Revolving Facility Balance and the termination of the Revolving Facility, and thereafter by the BorrowerBorrowers. The rights of the parties in, to and under each Bank Account that is established with respect to a Reference Pool will be governed by the terms of the related Servicing Supplement.

Appears in 1 contract

Samples: Servicing Agreement (CAB West LLC)

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