Common use of Performance of Obligations; Servicing of Contracts Clause in Contracts

Performance of Obligations; Servicing of Contracts. (a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person's material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in the Basic Documents or such other instrument or agreement. (b) The Issuer may contract with other Persons acceptable to the Insurer (so long as no Insurer Default shall have occurred and be continuing) to assist it in performing its duties and obligations under this Indenture, and any performance of such duties by a Person identified to the Trustee and the Insurer in an Officer's Certificate shall be deemed to be action taken by the Issuer. The Trustee shall not be responsible for the action or inaction of the Master Servicer or the Administrator. Initially, the Issuer has contracted with the Master Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. (c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Basic Documents and in the instruments and

Appears in 4 contracts

Samples: Indenture (WFS Financial 1997-a Owners Trust), Indenture (WFS Financial 1997-C Owner Trust), Indenture (WFS Financial 1996-D Owner Trust)

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Performance of Obligations; Servicing of Contracts. (a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person's material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in the Basic Documents or such other instrument or agreement. (b) The Issuer may contract with other Persons acceptable to the Insurer (so long as no Insurer Default shall have occurred and be continuing) to assist it in performing its duties and obligations under this Indenture, and any performance of such duties by a Person identified to the Trustee and the Insurer in an Officer's Certificate shall be deemed to be action taken by the Issuer. The Trustee shall not be responsible for the action or inaction of the Master Servicer or the Administrator. Initially, the Issuer has contracted with the Master Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. (c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Basic Documents and in the instruments andinstruments

Appears in 1 contract

Samples: Indenture (WFS Financial 1997-D Owner Trust)

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