Common use of Assignment of Administrative Secured Notes and Warranty Secured Notes Clause in Contracts

Assignment of Administrative Secured Notes and Warranty Secured Notes. Upon receipt of the Administrative Purchase Payment or the Warranty Payment with respect to an Administrative Secured Note or a Warranty Secured Note, respectively, the AART Owner Trustee on behalf of the Issuing Entity shall assign, without recourse, representation or warranty, to the Administrator or the Warranty Purchaser, as applicable, and the AART Indenture Trustee shall be deemed automatically to have released its lien on and security interest in all of such Person’s right, title and interest in, to and under such Administrative Secured Note or Warranty Secured Note, the collateral therefor and the related rights assigned thereunder, such assignment being an assignment outright and not for security. The Administrator or the Warranty Purchaser, as applicable, shall thereupon own such Secured Note, and all such security and documents, free of any further obligations to the AART Indenture Trustee, the AART Owner Trustee, the Noteholders or the Certificateholders with respect thereto. If in any Proceeding it is held that the Administrator may not enforce a Secured Note on the ground that it is not a real party in interest or a Holder entitled to enforce the Secured Note, the AART Indenture Trustee or the AART Owner Trustee, as applicable, shall, at the Administrator’s expense, take such steps as the Administrator deems necessary to enforce the Secured Note, including bringing suit in the name of such Person or the names of the Noteholders or the Certificateholders.

Assignment of Administrative Secured Notes and Warranty Secured Notes. Upon receipt of the Administrative Purchase Payment or the Warranty Payment with respect to an Administrative Secured Note or a Warranty Secured Note, respectively, the AART CARAT Owner Trustee on behalf of the Issuing Entity shall assign, without recourse, representation or warranty, to the Trust Administrator or the Warranty Purchaser, as applicable, and the AART CARAT Indenture Trustee shall be deemed automatically to have released release its lien on and security interest in all of such Person’s right, title and interest in, to and under such Administrative Secured Note or Warranty Secured Note, the collateral therefor and the related rights assigned thereunder, such assignment being an assignment outright and not for security. The Trust Administrator or the Warranty Purchaser, as applicable, shall thereupon own such COLT 20__-SN_ Secured Note, and all such security and documents, free of any further obligations to the AART CARAT Indenture Trustee, the AART CARAT Owner Trustee, the CARAT 20__-SN_ Noteholders or the CARAT 20__-SN_ Certificateholders with respect thereto. If in any Proceeding it is held that the Trust Administrator may not enforce a COLT 20__-SN_ Secured Note on the ground that it is not a real party in interest or a Holder entitled to enforce the COLT 20__-SN_ Secured Note, the AART CARAT Indenture Trustee or the AART CARAT Owner Trustee, as applicable, shall, at the Trust Administrator’s expense, take such steps as the Trust Administrator deems necessary to enforce the COLT 20__-SN_ Secured Note, including bringing suit in the name of such Person or the names of the CARAT 20__-SN_ Noteholders or the CARAT 20__-SN_ Certificateholders.

Assignment of Administrative Secured Notes and Warranty Secured Notes. Upon receipt of the Administrative Purchase Payment or the Warranty Payment with respect to an Administrative Secured Note or a Warranty Secured Note, respectively, the AART CARAT Owner Trustee on behalf of the Issuing Entity shall assign, without recourse, representation or warranty, to the Administrator or the Warranty Purchaser, as applicable, and the AART CARAT Indenture Trustee shall be deemed automatically to have released its lien on and security interest in all of such Person’s right, title and interest in, to and under such Administrative Secured Note or Warranty Secured Note, the collateral therefor and the related rights assigned thereunder, such assignment being an assignment outright and not for security. The Administrator or the Warranty Purchaser, as applicable, shall thereupon own such Secured Note, and all such security and documents, free of any further obligations to the AART CARAT Indenture Trustee, the AART CARAT Owner Trustee, the Noteholders or the Certificateholders with respect thereto. If in any Proceeding it is held that the Administrator may not enforce a Secured Note on the ground that it is not a real party in interest or a Holder entitled to enforce the Secured Note, the AART CARAT Indenture Trustee or the AART CARAT Owner Trustee, as applicable, shall, at the Administrator’s expense, take such steps as the Administrator deems necessary to enforce the Secured Note, including bringing suit in the name of such Person or the names of the Noteholders or the Certificateholders.