OBLIGATION SECURED. In consideration of the purchase of the ------------------ Certificates, the Seller agrees to cause payment of the Certificates from funds available in the Subordination Spread Accounts (as hereinafter defined) and from receipt of Excess Amounts and Recapture Amounts (as hereinafter defined), as and to the extent set forth herein. Such obligation is non-recourse in respect of the Seller, and recourse may only be had to the Subordination Spread Accounts, the Excess Amounts and the Recapture Amounts. Neither the Subordination Spread Accounts, the Excess Amounts nor the Recapture Amounts shall be part of the Trust.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Nissan Auto Receivables Corp /De), Pooling and Servicing Agreement (Nissan Auto Receivables Corp /De), Custody and Pledge Agreement (Nissan Auto Receivables Corp /De)
OBLIGATION SECURED. In consideration of the purchase of the ------------------ Certificates, the Seller agrees to cause payment of the Certificates from funds available in the Subordination Spread Accounts (as hereinafter defined) and from receipt of Excess Amounts and Recapture Amounts (as hereinafter defined), as and to the extent set forth herein. Such obligation is non-recourse in respect of the Seller, and recourse may only be had to the Subordination Spread Accounts, the Excess Amounts and the Recapture Amounts. Neither the Subordination Spread Accounts, the Excess Amounts nor the Recapture Amounts shall be part of the Trust.
Appears in 1 contract
Samples: Custody and Pledge Agreement (Nissan Auto Receivables Corp /De)
