Note Owner Representations. Each Series 20__-_ Note Owner, by its acceptance of a beneficial interest in the Series 20__-_ Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that: (a) either (i) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (ii) 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 20__-_ 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 20__-_ Notes for U.S. federal, state and local income and franchise tax purposes as indebtedness secured by the Trust Property.
Appears in 3 contracts
Samples: Indenture Supplement (Ford Credit Floorplan Corp), Indenture Supplement (Ford Credit Floorplan Corp), Indenture Supplement (Ford Credit Floorplan Corp)
Note Owner Representations. Each Series 20__-_ 2013-4 Note Owner, by its acceptance of a beneficial interest in the Series 20__-_ 2013-4 Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that:
(a) either (iA) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (iiB) 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 20__-_ 2013-4 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 20__-_ 2013-4 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 20__-_ 2012-4 Note Owner, by its acceptance of a beneficial interest in the Series 20__-_ 2012-4 Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that:
(a) either (iA) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (iiB) 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 20__-_ 2012-4 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 20__-_ 2012-4 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 2012-4), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-4)
Note Owner Representations. Each Series 20__-_ 20 - Note Owner, by its acceptance of a beneficial interest in the Series 20__-_ 20 - Notes, is deemed to represent, warrant and covenant to the Issuer, the Depositors and the Indenture Trustee that:
(a) either (iA) it is not a Benefit Plan and is not acting on behalf of or investing the assets of a Benefit Plan or (iiB) 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 20__-_ 20 - 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 20__-_ 20 - Notes for U.S. federal, state and local income and franchise tax purposes as indebtedness secured by the Trust Property.
Appears in 1 contract
Samples: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)