Common use of Independent Analysis of Each Participant Clause in Contracts

Independent Analysis of Each Participant. Each Participant acknowledges that it has, independently and without reliance upon Company and based on such documents and information as such Participant has deemed appropriate, made the Participant’s own credit analysis and decision to purchase the applicable Participation Interest. Each Participant hereby acknowledges that (except as set forth hereinabove) Company has made no representations or warranties with respect to the Portfolio Excess Spread or the Participation Interest, and that the Participant assumes all risk of loss in connection with its Participation Interest.

Independent Analysis of Each Participant. Each Participant acknowledges that it has, independently and without reliance upon the Company and based on such documents and information as such Participant has deemed appropriate, made the Participant’s own credit analysis and decision to purchase the applicable Participation Interest. Each Participant hereby acknowledges that (except as set forth hereinabove) the Company has made no representations or warranties with respect to the Portfolio Excess Spread Spread, the Advance Reimbursement Amounts or the Participation Interest, and that the Participant assumes all risk of loss in connection with its Participation Interest.

Independent Analysis of Each Participant. Each Participant acknowledges that it has, independently and without reliance upon the Company and based on such documents and information as such Participant has deemed appropriate, made the Participant’s own credit analysis and decision to purchase the applicable Participation Interest. Each Participant hereby acknowledges that (except as set forth hereinabove) the Company has made no representations or warranties with respect to the Portfolio Excess Spread Spread, the Advance Reimbursement Amounts or the Participation InterestInterest (except as set forth hereinabove or otherwise in the Program Agreements), and subject to the terms and provisions of this sentence, that the Participant assumes all risk of loss in connection with its Participation Interest.