Common use of Books and Records; Intention of the Parties Clause in Contracts

Books and Records; Intention of the Parties. (a) The books and records for each Receivable have been clearly marked to reflect, as of the Closing Date, (i) the ownership of each Receivable by the Issuer and (ii) the pledge of the each Receivable by the Issuer to the Indenture Trustee for the benefit of the Noteholders pursuant to the Indenture. (b) It is the intention of the parties hereto that, for non-tax purposes, the transfer and assignment of the Depositor Conveyed Assets and the other Collateral on the Closing Date constitutes an absolute sale (and not a pledge to secure debt or other obligations of the Depositor)