Common use of Subordination of Claims Clause in Contracts

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's assets other than the assets related to the 2023-A Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 2023-A Exchange Note or the 2023-A Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 2023-A Exchange Note (or the beneficial interest in the 2023-A Exchange Note); (iv) administrative services performed for the 2023-A Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's assets other than the assets related to the 20232024-A Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232024-A Exchange Note or the 20232024-A Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232024-A Exchange Note (or the beneficial interest in the 20232024-A Exchange Note); (iv) administrative services performed for the 20232024-A Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's assets other than the assets related to the 20232024-A B Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232024-A B Exchange Note or the 20232024-A B Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232024-A B Exchange Note (or the beneficial interest in the 20232024-A B Exchange Note); (iv) administrative services performed for the 20232024-A B Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232020-A B Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232020-A B Exchange Note or the 20232020-A B Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232020-A B Exchange Note (or the beneficial interest in the 20232020-A B Exchange Note); (iv) administrative services performed for the 20232020-A B Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232018-A Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232018-A Exchange Note or the 20232018-A Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232018-A Exchange Note (or the beneficial interest in the 20232018-A Exchange Note); (iv) administrative services performed for the 20232018-A Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232019-A B Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232019-A B Exchange Note or the 20232019-A B Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232019-A B Exchange Note (or the beneficial interest in the 20232019-A B Exchange Note); (iv) administrative services performed for the 20232019-A B Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232017-A B Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232017-A B Exchange Note or the 20232017-A B Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232017-A B Exchange Note (or the beneficial interest in the 20232017-A B Exchange Note); (iv) administrative services performed for the 20232017-A B Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232018-A B Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232018-A B Exchange Note or the 20232018-A B Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232018-A B Exchange Note (or the beneficial interest in the 20232018-A B Exchange Note); (iv) administrative services performed for the 20232018-A B Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232021-A B Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232021-A B Exchange Note or the 20232021-A B Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232021-A B Exchange Note (or the beneficial interest in the 20232021-A B Exchange Note); (iv) administrative services performed for the 20232021-A B Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232020-A Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232020-A Exchange Note or the 20232020-A Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232020-A Exchange Note (or the beneficial interest in the 20232020-A Exchange Note); (iv) administrative services performed for the 20232020-A Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232017-A Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232017-A Exchange Note or the 20232017-A Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232017-A Exchange Note (or the beneficial interest in the 20232017-A Exchange Note); (iv) administrative services performed for the 20232017-A Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's assets other than the assets related to the 2023-A B Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 2023-A B Exchange Note or the 2023-A B Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 2023-A B Exchange Note (or the beneficial interest in the 2023-A B Exchange Note); (iv) administrative services performed for the 2023-A B Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232016-A Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232016-A Exchange Note or the 20232016-A Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232016-A Exchange Note (or the beneficial interest in the 20232016-A Exchange Note); (iv) administrative services performed for the 20232016-A Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as Titling Company Registrar, owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232021-A Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232021-A Exchange Note or the 20232021-A Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232021-A Exchange Note (or the beneficial interest in the 20232021-A Exchange Note); (iv) administrative services performed for the 20232021-A Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's assets other than the assets related to the 20232022-A Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232022-A Exchange Note or the 20232022-A Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232022-A Exchange Note (or the beneficial interest in the 20232022-A Exchange Note); (iv) administrative services performed for the 20232022-A Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 20232019-A Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 20232019-A Exchange Note or the 20232019-A Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 20232019-A Exchange Note (or the beneficial interest in the 20232019-A Exchange Note); (iv) administrative services performed for the 20232019-A Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's assets other than the assets related to the 2023-A 20__-__ Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 2023-A 20__-__ Exchange Note or the 2023-A 20__-__ Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 2023-A 20__-__ Exchange Note (or the beneficial interest in the 2023-A 20__-__ Exchange Note); (iv) administrative services performed for the 2023-A 20__-__ Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's ’s assets other than the assets related to the 2023-A 20 - Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to: (i) assets related to the 2023-A 20 - Exchange Note or the 2023-A 20 - Reference Pool; (ii) related credit enhancement; (iii) transactions entered into for the assets related to the 2023-A 20 - Exchange Note (or the beneficial interest in the 2023-A 20 - Exchange Note); (iv) administrative services performed for the 2023-A 20 - Exchange Note; (v) a servicing obligation; or (vi) an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).