Common use of Transfer Intended as Sale; Precautionary Security Interest Clause in Contracts

Transfer Intended as Sale; Precautionary Security Interest. The conveyance to the Trust of the property set forth in Section 2.2 above is intended as a sale free and clear of all Liens, and it is intended that the property of the Trust shall not be part of the Seller's estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. In the event, however, that notwithstanding the intent of CPS, the Seller and the Trustee, the transfer under this Agreement is held not to be a sale, this Agreement shall constitute a grant of a security interest in the property described in Section 2.2 above, for the benefit of the Certificateholders and the [Credit Enhancer] as their interests may appear herein.

Transfer Intended as Sale; Precautionary Security Interest. The conveyance to the Trust of the property set forth in Section 2.2 above is intended as a sale free and clear of all Liens, and it is intended that the property of the Trust shall not be part of the SellerDepositor's estate in the event of the filing of a bankruptcy petition by or against the Seller Depositor under any bankruptcy law. In the event, however, that notwithstanding the intent of CPS, the Seller Depositor and the Trustee, the transfer under this Agreement is held not to be a sale, this Agreement shall constitute a grant of a security interest in the property described in Section 2.2 above, for the benefit of the Certificateholders and the [Credit Enhancer] Certificate Insurer as their interests may appear herein.

Transfer Intended as Sale; Precautionary Security Interest. The conveyance to the Trust of the property set forth in Section 2.2 above is intended as a sale free and clear of all Liens, and it is intended that the property of the Trust shall not be part of the Seller's estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. In the event, however, that notwithstanding the intent of CPS, the Seller and the Trustee, the transfer under this Agreement is held not to be a sale, this Agreement shall constitute a grant of a security interest in the property described in Section 2.2 above, for the benefit of the Certificateholders and the [Credit Enhancer] Certificate Insurer as their interests may appear herein.

Transfer Intended as Sale; Precautionary Security Interest. The Each conveyance to the Trust of the property set forth in Section 2.2 above is intended as a sale free and clear of all Liens, and it is intended that the property of the Trust shall not be part of the SellerDepositor's estate in the event of the filing of a bankruptcy petition by or against the Seller Depositor under any bankruptcy law. In the event, however, that notwithstanding the intent of CPSLBAC, the Seller Depositor and the Trustee, the any transfer under this Agreement is held not to be a sale, this Agreement shall constitute a grant of a security interest in the property described in Section 2.2 above, for the benefit of the Certificateholders [and the [Credit Enhancer] Certificate Insurer as their interests may appear herein].