Common use of Waiver of Stay or Extension Laws; Marshalling of Assets Clause in Contracts

Waiver of Stay or Extension Laws; Marshalling of Assets. Each of the Company, the Owner Trustee, and the Indenture Trustee (in each case to the extent permitted by applicable law) covenants that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any appraisement, valuation, stay, extension or redemption law wherever enacted, now or at any time hereafter in force, in order to prevent or hinder the enforcement of this Agreement or the absolute sale of the Collateral or any part thereof, or the possession thereof by any purchaser at any sale under this Article; and each of the Company and the Indenture Trustee (in each case to the extent permitted by applicable law), for itself and all who may claim under it, hereby waives the benefit of all such laws, and covenants that none of them will hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted. Each of the Company, the Owner Trustee and the Indenture Trustee, for itself and all who may claim under it, waives (in each case to the extent permitted by applicable law) all right to have the Collateral marshalled upon any foreclosure hereof, and agrees that any court having jurisdiction to foreclose this Agreement may order the sale of the Collateral as an entirety without the marshalling thereof.

Appears in 9 contracts

Samples: Insurance, Indemnity and Pledge Agreement (WFS Financial 1997-B Owner Trust), Insurance, Indemnity and Pledge Agreement (WFS Financial Auto Loans Inc), Insurance, Indemnity and Pledge Agreement (WFS Financial Auto Loans Inc)

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Waiver of Stay or Extension Laws; Marshalling of Assets. Each of the CompanyObligor covenants, the Owner Trustee, and the Indenture Trustee (in each case to the fullest extent permitted by applicable law) covenants , that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any appraisement, valuation, stay, extension or redemption law wherever enacted, now or at any time hereafter in force, in order to prevent or hinder the enforcement of this Agreement or the absolute sale of the Collateral Master Agreement, any Series Supplement or any part hereof or thereof, or the possession thereof by any purchaser at any sale under this Article; and each of the Company and the Indenture Trustee (in each case to the fullest extent permitted by applicable law), for itself and all who may claim under it, hereby waives the benefit of all such laws, and covenants that none of them it will not hinder, delay or impede the execution of any power herein granted to the Collateral AgentTrustee, but will suffer and permit the execution of every such power as though no such law had been enacted. Each of the Company, the Owner Trustee and the Indenture TrusteeObligor, for itself and all who may claim under it, waives (in each case waives, to the fullest extent permitted by applicable law) , all right to have the Collateral marshalled any Series Trust Estate or any portion thereof marshaled upon any foreclosure hereof, and agrees that any court having jurisdiction to foreclose this Agreement may order the sale of the Collateral as an entirety without the marshalling or other disposition thereof.

Appears in 2 contracts

Samples: Master Lease Receivables Asset Backed Financing Facility Agreement (Marlin Business Services Inc), Master Lease Receivables Asset Backed Financing Facility Agreement (Marlin Business Services Inc)

Waiver of Stay or Extension Laws; Marshalling of Assets. Each of the CompanyWFSRC2, the Owner Trustee, and the Indenture Trustee (in each case to the extent permitted by applicable law) covenants that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any appraisement, valuation, stay, extension or redemption law wherever enacted, now or at any time hereafter in force, in order to prevent or hinder the enforcement of this Agreement or the absolute sale of the Collateral or any part thereof, or the possession thereof by any purchaser at any sale under this Article; and each of the Company WFSRC2 and the Indenture Trustee (in each case to the extent permitted by applicable law), for itself and all who may claim under it, hereby waives the benefit of all such laws, and covenants that none of them will hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted. Each of the CompanyWFSRC2, the Owner Trustee and the Indenture Trustee, for itself and all who may claim under it, waives (in each case to the extent permitted by applicable law) all right to have the Collateral marshalled upon any foreclosure hereof, and agrees that any court having jurisdiction to foreclose this Agreement may order the sale of the Collateral as an entirety without the marshalling thereof.

Appears in 1 contract

Samples: Insurance, Indemnity and Pledge Agreement (WFS Receivables Corp 2)

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Waiver of Stay or Extension Laws; Marshalling of Assets. Each The Transferor, on behalf of itself and as agent for the CompanyReversionary Holders, the Owner Trusteecovenants, and the Indenture Trustee (in each case to the fullest extent permitted by applicable law) covenants , that neither it nor any Reversionary Holder will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any appraisement, valuation, stay, extension or redemption law wherever enacted, now or at any time hereafter in force, in order to prevent or hinder the enforcement of this Agreement or the any absolute sale of the Collateral or any part thereof, or the possession thereof by any purchaser at any sale under Article VII of this ArticleAgreement; and each the Transferor, on behalf of itself and as agent for the Company and the Indenture Trustee (in each case Reversionary Holders, to the fullest extent permitted by applicable law), for itself itself, each Reversionary Holder, and all who may claim under itit or them, hereby waives the benefit of all such laws, and covenants that none of them neither it nor any Reversionary Holder will hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted. Each of the Company, the Owner Trustee and the Indenture TrusteeThe Transferor, for itself itself, each Reversionary Holder, and all who may claim under itit or them, waives (in each case waives, to the fullest extent permitted by applicable law) , all right to have the Collateral marshalled upon any foreclosure hereof, and agrees that any court having jurisdiction to foreclose this Agreement may order the sale of the Collateral as an entirety without the marshalling or other disposition thereof.

Appears in 1 contract

Samples: Master Spread Account Agreement (National Auto Finance Co Inc)

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