Common use of Seller May Own Certificates or Notes Clause in Contracts

Seller May Own Certificates or Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein or in any Basic Document. Notes or Certificates so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or Certificates; provided, however, [(i)] except in the event that all outstanding Notes and Certificates are owned by the Seller and/or any Affiliates thereof, that any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents [and (ii) any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, will not be entitled to the benefits of the Note Policy]. The Seller shall notify the Owner Trustee, the Indenture Trustee and the Administrator promptly after it or any of its Affiliates become the owner or pledgee of a Certificate or a Note.

Seller May Own Certificates or Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein or in any Basic Document. Notes or Certificates so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or Certificates; providedPROVIDED, howeverHOWEVER, [(i)] except in the event that all outstanding Notes and Certificates are owned by the Seller and/or any Affiliates Affiliate thereof, that any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents [Documents[ and (ii) any such Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, will not be entitled to the benefits of the Note Policy]. The Seller shall notify the Owner Trustee[, the Insurer] and the Indenture Trustee and the Administrator promptly after it or any of its Affiliates become the owner or pledgee of a Certificate or a Note.

Seller May Own Certificates or Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein or in any Basic Document. Notes or Certificates so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or Certificates; providedPROVIDED, howeverHOWEVER, [(i)] ) except in the event that all outstanding Notes and Certificates are owned by the Seller and/or any Affiliates thereof, that any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents [and (ii) any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, will not be entitled to the benefits of the Note Policy]. The Seller shall notify the Owner Trustee, the Insurer and the Indenture Trustee and the Administrator promptly after it or any of its Affiliates become the owner or pledgee of a Certificate or a Note.