Common use of Certain Rights of Depositor Clause in Contracts

Certain Rights of Depositor. The Depositor shall be entitled to any amounts not needed on any Payment Date to make payments on the Notes or the Certificates or to make deposits to the Reserve Account pursuant to Section 4.6 of the Sale and Servicing Agreement, and to receive amounts remaining in the Reserve Account following the payment in full of the aggregate principal amount of the Notes and the Aggregate Certificate Balance and of all other amounts owing or to be distributed hereunder or under the Indenture or the Sale and Servicing Agreement to Noteholders and Certificateholders and the termination of the Trust. The Depositor shall not Transfer any such rights unless it shall have delivered an Opinion of Counsel to the Owner Trustee that (i) such Transfer shall not cause the Trust to be classified as an association (or publicly traded partnership) taxable as a corporation and (ii) such Transfer shall not cause the Trust to be subject to the Michigan Single Business Tax or any other entity level tax imposed by the State of Michigan.

Certain Rights of Depositor. The Depositor shall be entitled to any amounts not needed on any Payment Date to make payments on the Notes or the Certificates or to make deposits to the Reserve Account pursuant to Section 4.6 4.7 of the Sale and Servicing Agreement, and to receive amounts remaining in the Reserve Account following the payment in full of the aggregate principal amount of the Notes and the Aggregate Certificate Balance and of all other amounts owing or to be distributed hereunder or under the Indenture or the Sale and Servicing Agreement to Noteholders and Certificateholders and the termination of the Trust. The Depositor shall not Transfer any such rights unless it shall have delivered an Opinion of Counsel to the Owner Trustee that (i) such Transfer shall not cause the Trust to be classified as an association (or publicly traded partnership) taxable as a corporation and (ii) such Transfer shall not cause the Trust to be subject to the Michigan Single Business Tax or any other entity level tax imposed by the State of Michigan.

Certain Rights of Depositor. The Depositor shall be entitled to any amounts not needed on any Payment Distribution Date to make payments on the Notes or the Certificates or to make deposits to the Reserve Account pursuant to Section 4.6 of the Sale and Servicing Agreement, and to receive amounts remaining in the Reserve Account following the payment in full of the aggregate principal amount of the Notes and the Aggregate Certificate Balance and of all other amounts owing or to be distributed hereunder or under the Indenture or the Sale and Servicing Agreement to Noteholders and Certificateholders and the termination of the Trust. The Depositor shall not Transfer any such rights unless it shall have delivered an Opinion of Counsel to the Owner Trustee that (i) such Transfer shall not cause the Trust to be classified as an association (or publicly traded partnership) taxable as a corporation and (ii) such Transfer shall not cause the Trust to be subject to the Michigan Single Business Tax or any other entity level tax imposed by the State of Michigan.

Certain Rights of Depositor. The Depositor shall be entitled to any amounts not needed on any Payment Distribution Date to make payments on the Notes or the Certificates or to make deposits to the Reserve Account pursuant to Section 4.6 of the Sale and Servicing Agreement, and to receive amounts remaining in the Reserve Re serve Account following the payment in full of the aggregate principal amount of the Notes and the Aggregate Certificate Balance and of all other amounts owing or to be distributed hereunder or under the Indenture or the Sale and Servicing Agreement to Noteholders and Certificateholders and the termination of the Trust. The Depositor shall not Transfer any such rights unless it shall have delivered an Opinion of Counsel to the Owner Trustee that (i) such Transfer shall not cause the Trust to be classified as an association (or publicly traded partnership) taxable as a corporation and (ii) such Transfer shall not cause the Trust to be subject to the Michigan Single Business Tax or any other entity level tax imposed by the State of Michigan.