Delivery of Specification Notice Clause Samples
Delivery of Specification Notice. The designation of each Specified Interest and the Holders of the related Certificates will be set forth in the Specification Notice delivered to the Titling Trust Administrator (with a copy to each of the Titling Trustee and the Delaware Trustee) by the Holders of the related Certificates pursuant to Section 4.3(b). The terms of the Beneficial Interest in the Specified Assets allocated to such Specified Interest will be as set forth in such Specification Notice and in the related Servicing Agreement, if any.
Delivery of Specification Notice. To designate a new Specified Interest, the Member will deliver a notice, substantially in the form of Exhibit A (each, a “Specification Notice”), to the Company at least one business day prior to the date that the Specified Interest will be issued (the “Specified Interest Issue Date”). The Specification Notice will state the terms of the Specified Interest and the Specified Assets allocated to such Specified Interest, including:
(i) the Specified Interest Issue Date;
(ii) that (A) additional Leases and Leased Vehicles may be allocated to the Specified Interest or (B) no additional Leases and Leased Vehicles may be allocated to the Specified Interest;
(iii) the first date as of which Collections on the related Specified Assets will be allocated to the Specified Interest (the “Specified Interest Cutoff Date”);
(iv) a schedule listing the Leases and Leased Vehicles, if any, to be initially allocated to such Specified Interest (a “Schedule of Leases and Leased Vehicles”); and
(v) that (A) Titling Company Notes may be issued by the Company for such Specified Interest (such Specified Interest a “Titling Company Note Specified Interest”) or (B) Titling Company Notes may not be issued by the Company for such Specified Interest.