Common use of Conveyance of Conveyed Assets; Security Interests Clause in Contracts

Conveyance of Conveyed Assets; Security Interests. Except for the transfers and conveyances hereunder, or under any Transaction Document, the Originator will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien, on any Conveyed Asset, or any interest therein and the Originator shall defend the right, title, and interest of the Transferors, the Trust, the Indenture Trustee, the Note Insurer and their respective successors and assigns in, to, and under the Conveyed Assets, against all claims of third parties claiming, through or under the Originator; provided, however, that nothing in this Section 4.01(f) shall prevent or be deemed to prohibit the Originator from suffering to exist upon any of the Conveyed Assets any Liens for municipal or other local taxes if such taxes shall not at the time be due and payable or if the Originator shall concurrently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto and such contests pose no risk of forfeiture.

Conveyance of Conveyed Assets; Security Interests. Except for the transfers and conveyances hereunder, or under any Transaction Document, the Originator Transferors will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien, on any Conveyed Assetthe Transferor Collateral, or any interest therein and the Originator Transferors shall defend the right, title, and interest of the Transferors, the TrustIssuer, the Indenture Trustee, the Note Insurer Insurer, the Depositor, the Collateral Agent and their respective successors and assigns in, to, and under the Conveyed Assets, against all claims of third parties claiming, through or under the Originator; provided, however, that nothing in this Section 4.01(f) shall prevent or be deemed to prohibit the Originator Transferors from suffering to exist upon any of the Conveyed Assets any Liens for municipal or other local taxes if such taxes shall not at the time be due and payable or if the Originator related Transferor shall concurrently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto and such contests pose no risk of forfeiture.