Common use of Novation of Borrower Rights and Obligations by ALF LP to WOLT Clause in Contracts

Novation of Borrower Rights and Obligations by ALF LP to WOLT. Pursuant to the Novation Agreement, dated as of July 16, 2008 (the “Borrower Novation Agreement”), ALF LP transferred to WOLT, by novation (such transfer, the “Borrower Novation”), all of ALF LP’s rights and obligations, as the “Borrower” and otherwise, under and in connection with the Prior Warehouse Facilities, including all of ALF LP’s rights and obligations under the Prior Collateral Agency Agreement and the Prior Security Agreement. The Borrower Novation also contains an acknowledgment by WOLT of the continued existence of the Prior Security Interests, as such security interests may be released or otherwise modified in the manner described below.