Establishment of Trust Accounts. (a) The Owner Trustee, for the benefit of the Certificateholder, shall cause the Certificate Paying Agent to establish and maintain in the name of the Trust a distribution non-interest bearing account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholder. The Certificate Distribution Account shall be maintained as an Eligible Deposit Account; provided, however, that so long as (i) the long-term unsecured debt of the related depository institution shall have a credit rating of investment grade or better by a nationally recognized statistical rating organization, and (ii) such depository institution’s deposits are insured by the FDIC, such account shall be deemed to be an Eligible Deposit Account.
Appears in 34 contracts
Samples: Trust Agreement (GM Financial Consumer Automobile Receivables Trust 2024-2), Trust Agreement (GM Financial Consumer Automobile Receivables Trust 2024-2), Trust Agreement (GM Financial Consumer Automobile Receivables Trust 2023-1)
Establishment of Trust Accounts. (a) The Owner Trustee, for the benefit of the Certificateholder, shall cause the Certificate Paying Agent to establish and maintain in the name of the Trust a distribution non-interest bearing account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholder. The Certificate Distribution Account shall be maintained as an Eligible Deposit Account; provided, provided however, that so long as (i) the long-term unsecured debt of the related depository institution shall have a credit rating of investment grade or better by a nationally recognized statistical rating organization, and (ii) such depository institution’s deposits are insured by the FDIC, such account shall be deemed to be an Eligible Deposit Account.
Appears in 18 contracts
Samples: Trust Agreement (AmeriCredit Automobile Receivables Trust 2023-1), Trust Agreement (AmeriCredit Automobile Receivables Trust 2021-2), Trust Agreement (AmeriCredit Automobile Receivables Trust 2023-1)
Establishment of Trust Accounts. (a) The Owner Trustee, for the benefit of the Certificateholder, shall cause the Certificate Paying Agent to establish and maintain in the name of the Trust a distribution non-interest bearing account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholder. The Certificate Distribution Account shall be maintained as an Eligible Deposit Account; provided, however, that so long as (i) the long-term unsecured debt of the related depository institution shall have a credit rating of investment grade or better by a nationally recognized statistical rating organization, organization and (ii) such depository institution’s deposits are insured by the FDIC, such account shall be deemed to be an Eligible Deposit Account.
Appears in 4 contracts
Samples: Trust Agreement (GM Financial Consumer Automobile Receivables Trust 2019-4), Trust Agreement (GM Financial Consumer Automobile Receivables Trust 2020-1), Trust Agreement (GM Financial Consumer Automobile Receivables Trust 2019-4)
Establishment of Trust Accounts. (a) The Owner Trustee, for the benefit of the CertificateholderCertificateholder[s], shall cause the Certificate Paying Agent to establish and maintain in the name of the Trust a distribution non-interest bearing account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the CertificateholderCertificateholder[s]. The Certificate Distribution Account shall be maintained as an Eligible Deposit Account; provided, however, that so long as (i) the long-term unsecured debt of the related depository institution shall have a credit rating of investment grade or better by a nationally recognized statistical rating organization, and (ii) such depository institution’s deposits are insured by the FDIC, such account shall be deemed to be an Eligible Deposit Account.
Appears in 3 contracts
Samples: Trust Agreement (Afs Sensub Corp.), Trust Agreement (Afs Sensub Corp.), Trust Agreement (Afs Sensub Corp.)