Common use of Assumption of the Obligations of the Issuer Clause in Contracts

Assumption of the Obligations of the Issuer. Any entity that succeeds to the rights and obligations of the Issuer under and in accordance with the Indenture shall be the successor to the Issuer under this Agreement without the execution or filing of any additional paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. Within thirty (30) days following the consummation of any such succession in which the Issuer is not the surviving entity, the Issuer or such successor shall deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Grantor Trust in the Receivables and the other Conveyed Assets or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest.

Assumption of the Obligations of the Issuer. Any entity that succeeds to the rights and obligations of the Issuer under and in accordance with the Indenture shall be the successor to the Issuer under this Agreement without the execution or filing of any additional paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. Within thirty (30) days following the consummation of any such succession in which the Issuer is not the surviving entity, the Issuer or such successor shall deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Grantor Trust in the Receivables and the other Conveyed Assets or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest.