Common use of Savings Clause Clause in Contracts

Savings Clause. The Depositor and the Issuer intend that each transfer and assignment under this Agreement be an absolute transfer and assignment of the Depositor Transferred Property, conveying good title to the Depositor Transferred Property free and clear of any Lien, other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Property not be a part of the Depositor’s estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a transfer and assignment of Depositor Transferred Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer and assignment, the Depositor Grants to the Issuer a security interest in the Depositor’s right, title and interest in the Depositor Transferred Property to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under this Agreement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be a security agreement under Law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor and the Issuer intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Sold Property, conveying good title to the Depositor Transferred Sold Property free and clear of any Lien, other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Sold Property not be a part of the Depositor’s estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a the transfer and assignment of Depositor Transferred the Sold Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Grants to the Issuer on the date of this Agreement a security interest in the Depositor’s right, title and interest in the Depositor Transferred Property Sold Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under this Agreement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor Sponsor and the Issuer Depositor intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Purchased Property, conveying good title to the Depositor Transferred Purchased Property free and clear of any Lien, other than Permitted Liens, from the Depositor Sponsor to the IssuerDepositor. The Depositor Sponsor and the Issuer Depositor intend that the Depositor Transferred Purchased Property not be a part of the DepositorSponsor’s estate if there is a bankruptcy or insolvency of the DepositorSponsor. If, despite the intent of the Depositor Sponsor and the IssuerDepositor, a the transfer and assignment of Depositor Transferred the Purchased Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Sponsor Grants to the Issuer Depositor on the date of this Agreement a security interest in the DepositorSponsor’s right, title and interest in the Depositor Transferred Property Purchased Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor Sponsor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under this the Sale and Servicing Agreement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer Depositor will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor Sponsor and the Issuer Depositor intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Purchased Property, conveying good title to the Depositor Transferred Purchased Property free and clear of any Lien, other than Permitted Liens, from the Depositor Sponsor to the IssuerDepositor. The Depositor Sponsor and the Issuer Depositor intend that the Depositor Transferred Purchased Property not be a part of the Depositor’s Sponsor's estate if there is a bankruptcy or insolvency of the DepositorSponsor. If, despite the intent of the Depositor Sponsor and the IssuerDepositor, a the transfer and assignment of Depositor Transferred the Purchased Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Sponsor Grants to the Issuer Depositor on the date of this Agreement a security interest in the Depositor’s Sponsor's right, title and interest in the Depositor Transferred Property Purchased Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor Sponsor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under this the Sale and Servicing Agreement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer Depositor will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor and the Issuer intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Sold Property, conveying good title to the Depositor Transferred Sold Property free and clear of any Lien, other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Sold Property not be a part of the Depositor’s 's estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a the transfer and assignment of Depositor Transferred the Sold Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Grants to the Issuer on the date of this Agreement a security interest in the Depositor’s 's right, title and interest in the Depositor Transferred Property Sold Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under this Agreement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor Sponsor and the Issuer Depositor intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Purchased Property, conveying good title to the Depositor Transferred Purchased Property free and clear of any Lien, Lien other than Permitted Liens, from the Depositor Sponsor to the IssuerDepositor. The Depositor Sponsor and the Issuer Depositor intend that the Depositor Transferred Purchased Property not be a part of the DepositorSponsor’s estate if there is a bankruptcy or insolvency of the DepositorSponsor. If, despite the intent of the Depositor Sponsor and the IssuerDepositor, a the transfer and assignment of Depositor Transferred the Purchased Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Sponsor Grants to the Issuer Depositor on the date of this Agreement a security interest in the DepositorSponsor’s right, title and interest in the Depositor Transferred Property Purchased Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor Sponsor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under this Agreement the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer Depositor will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor and the Issuer intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Sold Property, conveying good title to the Depositor Transferred Sold Property free and clear of any Lien, Lien other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Sold Property not be a part of the Depositor’s estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a the transfer and assignment of Depositor Transferred the Sold Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Grants to the Issuer on the date of this Agreement a security interest in the Depositor’s right, title and interest in the Depositor Transferred Property Sold Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under this Agreement the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor Sponsor and the Issuer Depositor intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Purchased Property, conveying good title to the Depositor Transferred Purchased Property free and clear of any Lien, Lien other than Permitted Liens, from the Depositor Sponsor to the IssuerDepositor. The Depositor Sponsor and the Issuer Depositor intend that the Depositor Transferred Purchased Property not be a part of the Depositor’s Sponsor's estate if there is a bankruptcy or insolvency of the DepositorSponsor. If, despite the intent of the Depositor Sponsor and the IssuerDepositor, a the transfer and assignment of Depositor Transferred the Purchased Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Sponsor Grants to the Issuer Depositor on the date of this Agreement a security interest in the Depositor’s Sponsor's right, title and interest in the Depositor Transferred Property Purchased Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor Sponsor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under this Agreement the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer Depositor will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor and the Issuer intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Sold Property, conveying good title to the Depositor Transferred Sold Property free and clear of any Lien, Lien other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Sold Property not be a part of the Depositor’s 's estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a the transfer and assignment of Depositor Transferred the Sold Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Grants to the Issuer on the date of this Agreement a security interest in the Depositor’s 's right, title and interest in the Depositor Transferred Property Sold Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under this Agreement the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor and the Issuer intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Sold Property, conveying good title to the Depositor Transferred Sold Property free and clear of any Lien, other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Sold Property not be a part of the Depositor’s estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a the transfer and assignment of Depositor Transferred the Sold Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Grants to the Issuer a security interest in the Depositor’s right, title and interest in the Depositor Transferred Property Sold Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under this Agreement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor Sponsor and the Issuer Depositor intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Purchased Property, conveying good title to the Depositor Transferred Purchased Property free and clear of any Lien, other than Permitted Liens, from the Depositor Sponsor to the IssuerDepositor. The Depositor Sponsor and the Issuer Depositor intend that the Depositor Transferred Purchased Property not be a part of the DepositorSponsor’s estate if there is a bankruptcy or insolvency of the DepositorSponsor. If, despite the intent of the Depositor Sponsor and the IssuerDepositor, a the transfer and assignment of Depositor Transferred the Purchased Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Sponsor Grants to the Issuer Depositor a security interest in the DepositorSponsor’s right, title and interest in the Depositor Transferred Property Purchased Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor Sponsor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under this the Sale and Servicing Agreement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer Depositor will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor and the Issuer intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Sold Property, conveying good title to the Depositor Transferred Sold Property free and clear of any Lien, Lien other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Sold Property not be a part of the Depositor’s estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a the transfer and assignment of Depositor Transferred the Sold Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Grants to the Issuer a security interest in the Depositor’s right, title and interest in the Depositor Transferred Sold Property to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under this Agreement the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be a security agreement under Law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor and the Issuer Trust intend that each transfer and assignment under this Agreement be an absolute transfer and assignment of the Depositor Transferred Property, conveying good title to the Depositor Transferred Property free and clear of any Lien, other than Permitted Liens, from the Depositor to the IssuerTrust. The Depositor and the Issuer Trust intend that the Depositor Transferred Property not be a part of the Depositor’s estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the IssuerTrust, a transfer and assignment of Depositor Transferred Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer and assignment, the Depositor Grants to the Issuer Trust a security interest in the Depositor’s right, title and interest in the Depositor Transferred Property to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the NotesCredit Extensions, all amounts payable as Servicing Fees under this Agreement and all other amounts payable by the Issuer Trust under the Transaction Documents and the other Series Related Documents. In that case, this Agreement will be a security agreement under Law and the Issuer Trust will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor and the Issuer intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Sold Property, conveying good title to the Depositor Transferred Sold Property free and clear of any Lien, Lien other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Sold Property not be a part of the Depositor’s estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a the transfer and assignment of Depositor Transferred the Sold Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Grants to the Issuer a security interest in the Depositor’s right, title and interest in the Depositor Transferred Property Sold Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under this Agreement the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor and the Issuer intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Sold Property, conveying good title to the Depositor Transferred Sold Property free and clear of any Lien, other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Depositor Transferred Sold Property not be a part of the Depositor’s estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, a the transfer and assignment of Depositor Transferred the Sold Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Grants to the Issuer a security interest in the Depositor’s right, title and interest in the Depositor Transferred Sold Property to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Servicing Fees under this Agreement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be a security agreement under Law law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

Savings Clause. The Depositor Sponsor and the Issuer Depositor intend that each transfer the sale and assignment under this Agreement be an absolute transfer sale and assignment of the Depositor Transferred Purchased Property, conveying good title to the Depositor Transferred Purchased Property free and clear of any Lien, Lien other than Permitted Liens, from the Depositor Sponsor to the IssuerDepositor. The Depositor Sponsor and the Issuer Depositor intend that the Depositor Transferred Purchased Property not be a part of the DepositorSponsor’s estate if there is a bankruptcy or insolvency of the DepositorSponsor. If, despite the intent of the Depositor Sponsor and the IssuerDepositor, a the transfer and assignment of Depositor Transferred the Purchased Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute transfer sale and assignment, the Depositor Sponsor Grants to the Issuer Depositor a security interest in the DepositorSponsor’s right, title and interest in the Depositor Transferred Property Purchased Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor Sponsor under this Agreement, all amounts payable as principal of or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under this Agreement the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement will be is a security agreement under Law law and the Issuer Depositor will have the rights and remedies of a secured party and creditor under the UCC.