Under ss. 3805(c) of the Business Trust Act, and assuming that the Sale and Servicing Agreement conveys good title to the Receivables to the Trust as a true sale and not as a security arrangement, the Trust rather than the Certificateholders is the owner of the Receivables.
Appears in 2 contracts
Samples: Franklin Receivables LLC, FCC Receivables Corp
Under ss. 3805(c) of the Business Trust Act, and assuming that the Sale and Servicing Agreement conveys good title to the Receivables to the Trust as a true sale and not as a security arrangement, the Trust rather than the Certificateholders holder of the Certificates is the owner of the Receivables.
Appears in 2 contracts
Samples: Underwriting Agreement (BMW Vehicle Owner Trust 2001-A), Underwriting Agreement (BMW Vehicle Owner Trust 2001-A)
Under ss. 3805(c) of the Business Trust Act, and assuming that the Sale and Servicing Agreement conveys good title to the Receivables to the Trust as a true sale and not as a security arrangement, the Trust rather than the Certificateholders or Noteholders is the owner of the Receivables.
Appears in 1 contract
Samples: Underwriting Agreement (Toyota Motor Credit Receivables Corp)
