Common use of Optional Preservation of the Receivables Clause in Contracts

Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Owner Trust Estate. It is the desire of the parties hereto, the Swap Counterparty and the Noteholders that there be at all times sufficient funds for the payment of any obligations under the Swap Agreement to the Swap Counterparty and principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Owner Trust Estate. In determining whether to maintain possession of the Owner Trust Estate, the Indenture Trustee may, but need not, obtain, at the expense of the Issuer, and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose.

Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.02 10.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Owner Originator Receivables and the Transferor Certificate in the Trust EstateEstate (although any Rapid Amortization Period commenced by such declaration will continue unless such declaration is rescinded). It is the desire of the parties hereto, the Swap Counterparty hereto and the Noteholders that there be at all times sufficient funds for the payment of any obligations under the Swap Agreement to the Swap Counterparty and principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Owner Trust Estate. In determining whether to maintain possession of the Owner Trust Estate, the Indenture Trustee may, but need not, obtain, at the expense of the Issuer, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Originator Receivables and the Transferor Certificate in the Trust Estate for such purpose.

Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Owner Trust Estate. It is the desire of the parties hereto, [the Swap Counterparty Counterparty] and the Noteholders that there be at all times sufficient funds for the payment of [any obligations under the Swap Agreement to the Swap Counterparty and and] principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Owner Trust Estate. In determining whether to maintain possession of the Owner Trust Estate, the Indenture Trustee may, but need not, obtain, at the expense of the Issuer, and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose.

Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.02 5.2 following an Event of Default Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee maymay (or shall, but need not, at the written direction of the Facility Administrator and the Note Majority) elect to maintain possession of the Owner Trust EstateCollateral, unless otherwise directed in accordance with the provisions of the Transaction Documents. It is the desire of the parties hereto, the Swap Counterparty hereto and the Noteholders that there be at all times sufficient funds for the payment of any obligations under the Swap Agreement to the Swap Counterparty and principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Owner Trust EstateCollateral. In determining whether to maintain possession of the Owner Trust EstateCollateral, the Indenture Trustee may, but need not, obtain, obtain (at the expense of the Issuer, ) and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate Collateral for such purpose. The Indenture Trustee shall not be liable for acting in reliance on such an opinion.

Optional Preservation of the Receivables. If the Indenture Notes have been declared to be due and payable under Section 5.02 5.2 following an Event of Default Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Owner Collateral and the Trust Estate. It is the desire of the parties hereto, the Swap Counterparty hereto and the Indenture Noteholders that there be at all times sufficient funds for the payment of any obligations under the Swap Agreement to the Swap Counterparty and principal of and interest on the Indenture Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Owner Collateral and the Trust Estate. In determining whether to maintain possession of the Owner Collateral and the Trust Estate, the Indenture Trustee may, but need not, obtain, at the expense of the Issuer, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Collateral and the Trust Estate for such purpose.

Optional Preservation of the Receivables. If the Trustee is the Controlling Party and if the Notes have been declared to be due and payable under Section 5.02 5.2 following an Event of Default Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain retain possession of the Owner Trust Estate and effect the collection thereof rather than dispose of or liquidate the Trust Estate. It is the desire of the parties hereto, the Swap Counterparty hereto and the Noteholders that there be at all times sufficient funds for the payment of any obligations under the Swap Agreement to the Swap Counterparty and principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain retain possession of the Owner Trust Estate. In determining whether to maintain retain possession of the Owner Trust EstateEstate and effect the collection thereof, the Indenture Trustee may, but need not, obtain, at the expense of the Issuer, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose. Subject to Section 5.11 and for purposes of effecting the collection of the Trust Estate, the Trustee may (but shall not be required to) reasonably exercise any judgment or take any action not otherwise inconsistent with the terms hereof.

Optional Preservation of the Receivables. If At the direction of the Controlling Party and if the Notes have been declared to be due and payable under Section 5.02 5.2 following an Event of Default Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain retain possession of the Owner Trust Estate and effect the collection thereof rather than dispose of or liquidate the Trust Estate. It is the desire of the parties hereto, the Swap Counterparty hereto and the Noteholders that there be at all times sufficient funds for the payment of any obligations under the Swap Agreement to the Swap Counterparty and principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain retain possession of the Owner Trust Estate. In determining whether to maintain retain possession of the Owner Trust EstateEstate and effect the collection thereof, the Indenture Trustee may, but need not, obtain, at the expense of the Issuer, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose. Subject to Section 5.11 and for purposes of effecting the collection of the Trust Estate, the Trustee may (but shall not be required to) reasonably exercise any judgment or take any action not otherwise inconsistent with the terms hereof.