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Exhibit 99.5

EXECUTION VERSION

 

TITLING COMPANY
COLLATERAL ACCOUNT CONTROL AGREEMENT

between

CAB EAST LLC,
CAB WEST LLC and
FCALM, LLC
as Grantors

and

THE BANK OF NEW YORK MELLON,
as Indenture Trustee

Dated as of June 1, 2011

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

ARTICLE I USAGE AND DEFINITIONS

 

 

1

 

Section 1.1. Usage and Definitions

 

 

1

 

 

 

 

 

 

ARTICLE II ESTABLISHMENT OF COLLATERAL ACCOUNTS

 

 

1

 

Section 2.1. Description of Account

 

 

1

 

Section 2.2. Account Modifications

 

 

1

 

Section 2.3. Type of Account

 

 

1

 

Section 2.4. Securities Account Provisions

 

 

2

 

 

 

 

 

 

ARTICLE III SECURED PARTY CONTROL

 

 

2

 

Section 3.1. Control for Purposes of UCC

 

 

2

 

Section 3.2. Conflicting Orders or Instructions

 

 

2

 

 

 

 

 

 

ARTICLE IV INVESTMENT OF FUNDS IN THE COLLATERAL ACCOUNTS

 

 

2

 

Section 4.1. Investment of Funds

 

 

2

 

 

 

 

 

 

ARTICLE V SUBORDINATION OF LIEN; WAIVER OF SET-OFF

 

 

3

 

Section 5.1. Subordination

 

 

3

 

Section 5.2. Set-off and Recoupment

 

 

3

 

 

 

 

 

 

ARTICLE VI OTHER AGREEMENTS

 

 

3

 

Section 6.1. Adverse Claim

 

 

3

 

Section 6.2. Correspondence, Statements and Confirmations

 

 

3

 

Section 6.3. Representation of the Financial Institution

 

 

3

 

Section 6.4. Release of Financial Institution

 

 

3

 

Section 6.5. Termination

 

 

4

 

Section 6.6. Existence of Other Agreements

 

 

4

 

Section 6.7. Notice

 

 

4

 

 

 

 

 

 

ARTICLE VII MISCELLANEOUS

 

 

4

 

Section 7.1. Amendment

 

 

4

 

Section 7.2. Conflict With Other Agreement

 

 

4

 

Section 7.3. Location of Financial Institution

 

 

4

 

Section 7.4. GOVERNING LAW

 

 

5

 

Section 7.5. Submission to Jurisdiction

 

 

5

 

Section 7.6. WAIVER OF JURY TRIAL

 

 

5

 

Section 7.7. Successors

 

 

5

 

Section 7.8. Notices

 

 

5

 

Section 7.9. Severability

 

 

6

 

Section 7.10. Counterparts

 

 

6

 

Section 7.11. Headings

 

 

6

 

Section 7.12. No Petition

 

 

6

 

i


 

     TITLING COMPANY COLLATERAL ACCOUNT CONTROL AGREEMENT, dated as of June 1, 2011 (this “ Agreement ”) among CAB EAST LLC, a Delaware limited liability company, and CAB WEST LLC, a Delaware limited liability company, and FCALM, LLC, a Delaware Limited Liability Company, each as a Grantor (collectively, the “ Grantors ”), THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee for the benefit of the Noteholders, (in such capacity, the “ Secured Party ”) and THE BANK OF NEW YORK MELLON in its capacity as both a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC (in such capacities, the “ Financial Institution ”).

ARTICLE I
USAGE AND DEFINITIONS

     Section 1.1. Usage and Definitions . Capitalized terms used but not otherwise defined in this Agreement are defined in Appendix 1 to the Exchange Note Supplement (the “ Exchange Note Supplement ”) to the Credit and Security Agreement (as defined below), dated as of June 1, 2011, among the Grantors, as Borrowers, U.S. Bank National Association (“ U.S. Bank ”), as Administrative Agent, HTD Leasing LLC (“ HTD ”), as Collateral Agent, and Ford Motor Credit Company LLC (“ Ford Credit ”), as Lender and Servicer. Capitalized terms used but not otherwise defined in this Agreement or in Appendix 1 to the Exchange Note Supplement are defined in Appendix A to the Amended and Restated Credit and Security Agreement (the “ Credit and Security Agreement ”), dated as of December 1, 2006, among the Grantors, as Borrowers, U.S. Bank, as Administrative Agent, HTD, as Collateral Agent and Ford Credit, as Lender and Servicer. Appendix 1 and Appendix A also contain rules as to usage applicable to this Agreement and are incorporated by reference into this Agreement. All references to the “ UCC ” mean the Uniform Commercial Code as in effect in the State of New York.

ARTICLE II
ESTABLISHMENT OF COLLATERAL ACCOUNTS

     Section 2.1. Description of Account . The Financial Institution has established the following accounts (each, a “ Collateral Account ”):

     “Exchange Note Collection Account — The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 2011-A” with account number 879677; and

     “Reserve Account — The Bank of New York Mellon as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 2011-A “ with account number 879680.

     Section 2.2. Account Modifications . None of the Financial Institution or the Grantors will change the name or account number of any Collateral Account without the prior written consent of the Secured Party.

     Section 2.3. Type of Account . The Financial Institution agrees that each Collateral Account is, and will be maintained as, either (i) a “securities account” (as defined in Section 8-501 of the UCC) or (ii) a “deposit account,&


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