Common use of Custody of Receivable Files Clause in Contracts

Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Owner Trustee on behalf of the Issuer, upon the execution and delivery of this Agreement, appoints the Servicer, and the Servicer accepts such appointment, to act as the agent of the Issuer as custodian of the following documents or instruments (the parties hereto expressly acknowledging and agreeing that the Servicer may appoint a third party to act as the agent of the Servicer to maintain possession or control of such documents, electronic files or instruments as contemplated by Section 3.03(b) of this Agreement) which are hereby held by the Servicer for benefit of the Issuer with respect to each Receivable:

Appears in 63 contracts

Samples: Sale and Servicing Agreement (Toyota Auto Receivables 2020-C Owner Trust), Form of Sale and Servicing Agreement (Toyota Auto Finance Receivables LLC), Sale and Servicing Agreement (Toyota Auto Receivables 2023-D Owner Trust)

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Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Owner Trustee on behalf of the Issuer, upon the execution and delivery of this Agreement, appoints the Servicer, and the Servicer accepts such appointment, to act as the agent of the Issuer as custodian of the following documents or instruments (the parties hereto expressly acknowledging and agreeing that the Servicer may appoint a third party to act as the agent of the Servicer to maintain possession or control of such documents, electronic files or instruments as contemplated by Section Sections 3.01(v) and 3.03(b) of this Agreement) which are hereby held by the Servicer for benefit of the Issuer with respect to each Receivable:

Appears in 4 contracts

Samples: Sale and Servicing Agreement (Toyota Auto Receivables 2016-a Owner Trust), Sale and Servicing Agreement (Toyota Auto Receivables 2016-a Owner Trust), Form of Sale and Servicing Agreement (Toyota Auto Receivables 2016-B Owner Trust)

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