Transferor Covenants. Each of the Transferors hereby covenants and agrees with the Originator, the Depositor, the Trust, the Owner Trustee, the Collateral Agent, the Note Insurer and the Indenture Trustee as follows:
Transferor Covenants. 22 SECTION 4.03 Transfer of Conveyed Assets..............................24
Transferor Covenants. The Transferor hereby covenants and agrees with the Company as follows:
(a) The Transferor hereby acknowledges and agrees that its rights in the Equipment are expressly subject to the rights of the related Customers in such Equipment pursuant to the applicable Lease Contract. The Transferor covenants and agrees that, so long as a Customer shall not be in default of any of the provisions of the applicable Lease Contract, neither the Transferor nor any assignee of the Transferor will disturb the Customer's quiet and peaceful possession of the related Equipment and the Customer's unrestricted use thereof for its intended purpose.
(b) If in any enforcement suit or legal proceeding it is held that the Company may not enforce a Lease Contract on the ground that it is not a real party in interest or holder entitled to enforce the Lease Contract, the Transferor shall, at the Transferor's expense, take such steps as the Transferor deems necessary to enforce the Contract, including bringing suit in the Transferor's name or causing the Trustee to bring suit in the Trustee's name.
(c) The Transferor warrants that, until the transfer of the Equipment to the Trustee, it will own and possess the Equipment subsequent to its acquisition thereof and that it will warrant and defend its title to such Equipment against all Persons, claims and demands whatsoever. The Transferor shall not assign, sell, pledge, or exchange, or in any way encumber or otherwise dispose of the Equipment, except as permitted under the Trust and Security Agreement.
(d) The Transferor shall comply with Section 2.11 of the Trust and Security Agreement concerning the treatment of this transaction for Federal, state and local income tax purposes.
Transferor Covenants. The Transferor will duly observe and perform each of its covenants set forth in the other Series Documents in all material respects.
Transferor Covenants. The Transferor hereby covenants and agrees with the Sellers, the Note Insurer, the Letter of Credit Bank and the Indenture Trustee as follows:
Transferor Covenants. 23 Section 4.03.
Transferor Covenants. The Transferor hereby covenants and agrees with the Company and the Contributors as follows:
(a) The Transferor hereby acknowledges and agrees that its rights in the Equipment and Leased Vehicles are expressly subject to the rights of the related Customers in such Equipment and Leased Vehicles pursuant to the applicable Lease Contract. The Transferor covenants and agrees that, so long as a Customer shall not be in default of any of the provisions of the applicable Lease Contract, neither the Transferor nor any assignee of the Transferor will disturb the Customer's quiet and peaceful possession of the related Equipment and Leased Vehicles and the Customer's unrestricted use thereof for its intended purpose.
(b) On each date as of which Lease Contracts and the related Equipment or Leased Vehicles are to be purchased or replaced by the Company or a Contributor, as applicable, pursuant to Section 3.03, the Transferor shall submit to the Company an instrument of assignment assigning such Lease Contract and Equipment or Leased Vehicle to the Company or a Contributor, as applicable, signed by the president, senior vice president or any vice president of the Transferor. Each such assignment shall operate as an assignment, without recourse, representation, or warranty, to the Company or a Contributor, as applicable, of all of the Transferor's right, title, and interest in and to such Lease Contract, Equipment, Leased Vehicle and any security documents relating thereto, such assignment being an assignment outright and not for security, and upon payment of the Purchase Price or delivery of a Substitute Lease Contract, the Company or a Contributor, as applicable, will thereupon own such Lease Contract and all such security and documents, free of any further obligation to the Transferor with respect thereto. If in any enforcement suit or legal proceeding it is held that the Company or a Contributor, as applicable, may not enforce a Lease Contract on the ground that it is not a real party in interest or holder entitled to enforce the Lease Contract, the Transferor shall, at the Transferor's expense, take such steps as the Transferor deems necessary to enforce the Lease Contract, including bringing suit in the Transferor's name.
(c) The Transferor warrants that it will own and possess the Equipment and Leased Vehicles subsequent to its acquisition thereof and that it will warrant and defend its title to such Equipment or Leased Vehicle against all Persons, claims and dem...
Transferor Covenants. 12 SECTION 4.02 Pledge of Pledged Property...................................16
Transferor Covenants. 21 Section 4.03 Assignment of Lease Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Transferor Covenants. The Transferor hereby covenants and agrees with the Company as follows:
(a) The Transferor hereby acknowledges and agrees that its rights in the Equipment are expressly subject to the rights of the related Customers in such Equipment pursuant to the applicable Lease Contract. The Transferor covenants and agrees that, so long as a Customer shall not be in default of any of the provisions of the applicable Lease Contract, neither the Transferor nor any assignee of the Transferor will disturb the Customer's quiet and peaceful possession of the related Equipment and the Customer's unrestricted use thereof for its intended purpose.
(b) If in any enforcement suit or legal proceeding it is held that the Company may not enforce a Lease Contract on the ground that it is not a real party in interest or holder entitled to enforce the Lease Contract, the Transferor shall, at the Transferor's expense, take such steps as the Transferor
