CARCO definition
Examples of CARCO in a sentence
THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC OR THE CARCO AUTO LOAN MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC OR THE CARCO AUTO LOAN MASTER TRUST, OF, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE.
The Trustee shall authenticate and deliver the CARCO Certificate to the Seller simultaneously with its delivery of the Investor Certificates of the first Series to be issued hereunder.
The CARCO Certificate will at all times be beneficially owned by the Seller.
By execution of this Agreement, DCWR does hereby sell, transfer, assign and otherwise convey all, but not less than all, of its right, title and interest in the Trust Assets, the Seller's Interest, the CARCO Certificate, the Amended and Restated Pooling and Servicing Agreement, the Related Documents and the Trust Documents, and its obligations, as Seller thereunder, to the Designated Affiliate.
The Seller, each Beneficiary and each Certificateholder and Certificate Owner, by the acceptance of its Certificate or Book-Entry Certificate, as applicable, agrees to treat the Investor Certificates as indebtedness of CARCO secured by the Receivables for Federal income taxes, state and local income and franchise taxes, Michigan Single Business tax and any other taxes imposed on or measured by income.
On each Transfer Date the Issuer will, in cooperation with the Servicer of the CARCO Trust, complete and deliver to the Indenture Trustee and the CARCO Trust Trustee (with a copy to each Note Rating Agency) a Monthly Noteholders' Statement.
The Seller has entered into this Agreement and the Investor Certificates have been (or will be) issued with the intention that the Investor Certificates will qualify under applicable tax law as indebtedness of CARCO secured by the Receivables.
The CARCO Certificate will be issued in registered form, substantially in the form of Exhibit A, and shall upon issue, be executed and delivered by the Seller to the Trustee for authentication and redelivery as provided in Section 6.02.
The Issuer agrees to give the Indenture Trustee and the Note Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the CARCO Trust or the Seller of its respective obligations under the Pooling and Servicing Agreement and any default of a Derivative Counterparty.
All Collections received from the CARCO Trust pursuant to Article V of the Pooling and Servicing Agreement as supplemented by the Series 2002-CC Supplement shall be deposited into the Collection Account.