Common use of Conditions Precedent to Issuance of Policy Clause in Contracts

Conditions Precedent to Issuance of Policy. (a) The obligation of Financial Security to issue the Policy is subject to the following having occurred or being true (as the case may be): (i) WFS shall have assigned, conveyed and transferred, or caused to be assigned, conveyed and transferred, the Collateral to WFSRC, (ii) WFSRC shall have created a valid security interest in the Collateral in favor of the Collateral Agent, (iii) WFSRC shall have assigned, conveyed, pledged and transferred the Collateral to the Trust, (iv) no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceeding for that purpose shall have been instituted or, to the best knowledge of WFSRC, threatened by the Commission and any request for additional information on the part of the Commission (to be included in the Registration Statement, the Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the Commission, (v) the Premium shall have been paid in accordance with Section 3.03 hereof, (vi) the representations and warranties of the Trust and each Western Entity set forth or incorporated by reference in this Agreement shall be true and correct on and as of the Closing Date, and (vii) each Transaction Agreement shall be in full force and effect as of the Closing Date and no default (or event which, with the giving of notice or passage of time, or both, would become a default) thereunder shall have occurred and be continuing.

Conditions Precedent to Issuance of Policy. (a) The obligation of Financial Security to issue the Policy is subject to the following having occurred or being true (as the case may be): (i) WFS shall have assigned, conveyed and transferred, or caused to be assigned, conveyed and transferred, the Collateral to WFSRCthe Seller, (ii) WFSRC the Seller shall have created a valid security interest in the Collateral in favor of the Collateral Agent, (iii) WFSRC the Seller shall have assigned, conveyed, pledged conveyed and transferred the Collateral to the Trust, (iv) no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceeding for that purpose shall have been instituted or, to the best knowledge of WFSRCthe Seller, threatened by the Commission and any request for additional information on the part of the Commission (to be included in the Registration Statement, the Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the Commission, (v) the Premium shall have been paid in accordance with Section 3.03 hereof, (vi) the representations and warranties of the Trust and each Western Entity set forth or incorporated by reference in this Agreement shall be true and correct on and as of the Closing Date, and (vii) each Transaction Agreement shall be in full force and effect as of the Closing Date and no default (or event which, with the giving of notice or passage of time, or both, would become a default) thereunder shall have occurred and be continuing.

Conditions Precedent to Issuance of Policy. (a) The obligation of Financial Security to issue the Policy is subject to the following having occurred or being true (as the case may be): (i) WFS shall have assigned, conveyed and transferred, or caused to be assigned, conveyed and transferred, the Collateral to WFSRCWFAL, (ii) WFAL shall have assigned, conveyed and transferred a portion of the Collateral to WFSRC, (iii) each of WFAL and WFSRC shall have created a valid security interest in the Collateral in favor of the Collateral Agent, (iiiiv) WFSRC WFAL and WFSRC, as applicable, shall have assigned, conveyed, pledged and transferred the Collateral to the Trust, (ivv) no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceeding for that purpose shall have been instituted or, to the best knowledge of WFAL and WFSRC, threatened by the Commission and any request for additional information on the part of the Commission (to be included in the Registration Statement, the Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the Commission, (vvi) the Premium shall have been paid in accordance with Section 3.03 hereof, (vivii) the representations and warranties of the Trust and each Western Entity set forth or incorporated by reference in this Agreement shall be true and correct on and as of the Closing Date, and (viiviii) each Transaction Agreement shall be in full force and effect as of the Closing Date and no default (or event which, with the giving of notice or passage of time, or both, would become a default) thereunder shall have occurred and be continuing.

Conditions Precedent to Issuance of Policy. (a) The obligation of Financial Security to issue the Policy is subject to the following having occurred or being true (as the case may be): (i) WFS shall have assigned, conveyed and transferred, or caused to be assigned, conveyed and transferred, the Collateral to WFSRCWFSRC2, (ii) WFSRC WFSRC2 shall have created a valid security interest in the Collateral in favor of the Collateral Agent, (iii) WFSRC WFSRC2 shall have assigned, conveyed, pledged and transferred the Collateral to the Trust, (iv) no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceeding for that purpose shall have been instituted or, to the best knowledge of WFSRCWFSRC2, threatened by the Commission and any request for additional information on the part of the Commission (to be included in the Registration Statement, the Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the Commission, (v) the Premium shall have been paid in accordance with Section 3.03 hereof, (vi) the representations and warranties of the Trust and each Western Entity set forth or incorporated by reference in this Agreement shall be true and correct on and as of the Closing Date, and (vii) each Transaction Agreement shall be in full force and effect as of the Closing Date and no default (or event which, with the giving of notice or passage of time, or both, would become a default) thereunder shall have occurred and be continuing.