Common use of Collateral Agent May Elect to Hold the Collateral Certificate Clause in Contracts

Collateral Agent May Elect to Hold the Collateral Certificate. Following an acceleration of any Series, Class or Tranche of Notes, if a sale of Collateral does not take place, the Collateral Agent may, at the direction of the Indenture Trustee, elect to continue to hold a Collateral Certificate and apply distributions on a Collateral Certificate in accordance with the regular distribution provisions pursuant to the relevant allocation provisions of the Asset Pool One Supplement, except that principal will be paid on the accelerated Series, Class or Tranche of Notes to the extent funds are received and allocated to the accelerated Series, Class or Tranche of Notes, and payment is permitted by the subordination provisions of the accelerated Series, Class or Tranche of Notes.

Collateral Agent May Elect to Hold the Collateral Certificate. Following an acceleration of any Series, Class or Tranche of Notes, if a sale of Collateral does not take place, the Collateral Agent may, at the direction of the Indenture Trustee, elect to continue to hold a Collateral Certificate and apply distributions on a Collateral Certificate in accordance with the regular distribution provisions pursuant to the relevant allocation provisions of the related Asset Pool One Supplement, except that principal will be paid on the accelerated Series, Class or Tranche of Notes to the extent funds are received and allocated to the accelerated Series, Class or Tranche of Notes, and payment is permitted by the subordination provisions of the accelerated Series, Class or Tranche of Notes.

Collateral Agent May Elect to Hold the Collateral Certificate. Following an acceleration of any Series, Class or Tranche of Notes, if a sale of Collateral does not take place, the Collateral Agent may, at the direction of the Indenture Trustee, elect to continue to hold a Collateral Certificate and apply distributions on a Collateral Certificate in accordance with the regular distribution provisions pursuant to the relevant allocation provisions of the related Asset Pool One Supplement, except that principal will be paid on the accelerated Series, Class or Tranche of Notes to the extent funds are received and allocated to the accelerated Series, Class or Tranche of Notes, and payment is permitted by the subordination provisions of the accelerated Series, Class or Tranche of Notes.