Initial Capital Contribution of Owner Trust Estate. In accordance with Section 3802(a) of the Statutory Trust Act, the Depositor has not made, and is not required to make, a contribution to the Trust; provided that the Depositor may make a contribution to the Trust at its discretion. The Owner Trustee hereby declares that it will hold any such contribution, which shall constitute the initial Owner Trust Estate. Notwithstanding Section 8.01 hereof, the Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.
Appears in 46 contracts
Samples: Trust Agreement (World Omni Auto Receivables Trust 2022-C), Trust Agreement (World Omni Auto Receivables Trust 2023-B), Trust Agreement (World Omni Auto Receivables LLC)
Initial Capital Contribution of Owner Trust Estate. In accordance with Section 3802(a) of the Statutory Trust Act, the Depositor has not made, and is not required to make, a contribution to the Trust; provided that the Depositor may make a contribution to the Trust at its discretion. The Owner Trustee hereby declares that it will hold any such contribution, which shall constitute the initial Owner Trust Estate. Notwithstanding Section 8.01 hereof, the Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.
Appears in 24 contracts
Samples: Trust Agreement (Carvana Auto Receivables Trust 2022-P3), Trust Agreement (Carvana Auto Receivables Trust 2022-P2), Trust Agreement (Carvana Auto Receivables Trust 2022-P3)
Initial Capital Contribution of Owner Trust Estate. In accordance with Section 3802(a) of the Statutory Trust Act, the Depositor has not made, and is not required to make, a contribution to the Trust; provided that the Depositor may make a contribution to the Trust at its discretion. The Owner Trustee hereby declares that it will hold any such contribution, which shall constitute the initial Owner Trust Estate. Notwithstanding Section 8.01 hereof, the Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.
Appears in 14 contracts
Samples: Trust Agreement (World Omni Auto Receivables LLC), Trust Agreement (World Omni Auto Receivables Trust 2017-A), Trust Agreement (World Omni Auto Receivables Trust 2018-B)
