Common use of Note Owner Representations Clause in Contracts

Note Owner Representations. Each Series 2012-1 Note Owner, by its acceptance of a beneficial interest in the Series 2012-1 Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that: (a) either (A) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (B) its purchase and holding of such beneficial interest therein does not constitute and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if the Series 2012-1 Note Owner is subject to any Similar Law, such purchase and holding does not constitute and will not result in a violation of such Similar Law); and (b) it will treat the Series 2012-1 Notes for U.S. federal, state and local income and franchise tax purposes as indebtedness secured by the Trust Property.

Appears in 2 contracts

Samples: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-1), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-1)

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Note Owner Representations. Each Series 20122011-1 2 Note Owner, by its acceptance of a beneficial interest in the Series 20122011-1 2 Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that: (a) either (A) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (B) its purchase and holding of such beneficial interest therein does not constitute and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if the Series 20122011-1 2 Note Owner is subject to any Similar Law, such purchase and holding does not constitute and will not result in a violation of such Similar Law); and (b) it will treat the Series 20122011-1 2 Notes for U.S. federal, state and local income and franchise tax purposes as indebtedness secured by the Trust Property.

Appears in 2 contracts

Samples: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2011-2), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2011-2)

Note Owner Representations. Each Series 20122013-1 3 Note Owner, by its acceptance of a beneficial interest in the Series 20122013-1 3 Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that: (a) either (A) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (B) its purchase and purchase, holding or disposition of such beneficial interest therein does not constitute and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if the Series 20122013-1 3 Note Owner is subject to any Similar Law, such purchase and purchase, holding or disposition does not constitute and will not result in a violation of such Similar Law); and (b) it will treat the Series 20122013-1 3 Notes for U.S. federal, state and local income and franchise tax purposes as indebtedness secured by the Trust Property.

Appears in 2 contracts

Samples: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)

Note Owner Representations. Each Series 20122013-1 Note Owner, by its acceptance of a beneficial interest in the Series 20122013-1 Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that: (a) either (A) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (B) its purchase and purchase, holding or disposition of such beneficial interest therein does not constitute and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if the Series 20122013-1 Note Owner is subject to any Similar Law, such purchase and purchase, holding or disposition does not constitute and will not result in a violation of such Similar Law); and (b) it will treat the Series 20122013-1 Notes for U.S. federal, state and local income and franchise tax purposes as indebtedness secured by the Trust Property.

Appears in 2 contracts

Samples: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)

Note Owner Representations. Each Series 2012-1 5 Note Owner, by its acceptance of a beneficial interest in the Series 2012-1 5 Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that: (a) either (A) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (B) its purchase and purchase, holding or disposition of such beneficial interest therein does not constitute and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if the Series 2012-1 5 Note Owner is subject to any Similar Law, such purchase and purchase, holding or disposition does not constitute and will not result in a violation of such Similar Law); and (b) it will treat the Series 2012-1 5 Notes for U.S. federal, state and local income and franchise tax purposes as indebtedness secured by the Trust Property.

Appears in 2 contracts

Samples: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-5), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-5)

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Note Owner Representations. Each Series 2012-1 2 Note Owner, by its acceptance of a beneficial interest in the Series 2012-1 2 Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that: (a) either (A) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (B) its purchase and holding of such beneficial interest therein does not constitute and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if the Series 2012-1 2 Note Owner is subject to any Similar Law, such purchase and holding does not constitute and will not result in a violation of such Similar Law); and (b) it will treat the Series 2012-1 2 Notes for U.S. federal, state and local income and franchise tax purposes as indebtedness secured by the Trust Property.

Appears in 2 contracts

Samples: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-2), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-2)

Note Owner Representations. Each Series 20122011-1 Note Owner, by its acceptance of a beneficial interest in the Series 20122011-1 Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that: (a) either (A) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (B) its purchase and holding of such beneficial interest therein does not constitute and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if the Series 20122011-1 Note Owner is subject to any Similar Law, such purchase and holding does not constitute and will not result in a violation of such Similar Law); and (b) it will treat the Series 20122011-1 Notes for U.S. federal, state and local income and franchise tax purposes as indebtedness secured by the Trust Property.. Table of Contents

Appears in 1 contract

Samples: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2011-1)

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