Common use of Seller May Own Certificates Clause in Contracts

Seller May Own Certificates. The Seller, and any Affiliate of the Seller, may in its individual or any other capacity become the owner or pledgee of Certificates with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as otherwise provided in the definition of "Certificateholder," "Class A Certificateholder" and "Class B Certificateholder" in Section 1.1. Certificates so owned by or pledged to the Seller or such controlling, controlled or commonly controlled Person shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority, or distinction as among all of the Certificates.

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (First Security Bank Na), Pooling and Servicing Agreement (First Security Bank Na), Pooling and Servicing Agreement (First Security Auto Grantor Trust 1997-A)

Seller May Own Certificates. The Seller, Seller and any Affiliate of the Seller, Seller may in its individual or any other capacity become the owner or pledgee of Certificates with the same rights as it would have if it were not the Seller or an Affiliate affiliate thereof, except as otherwise provided in the definition of "Certificateholder," "Class A Certificateholder" and "Class B Certificateholder" specified in Section 1.11.01 and except as otherwise specifically provided herein. Certificates so owned by or pledged to the Seller or such controlling, controlled controlling or commonly controlled Person shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority, priority or distinction as among all of the Certificates, except as otherwise expressly provided in this Agreement.

Appears in 3 contracts

Sources: Pool and Servicing Agreement (Nissan Auto Receivables Corp Ii), Pooling and Servicing Agreement (Nissan Auto Receivables Corp Ii), Pooling and Servicing Agreement (Nissan Auto Receivables Corp /De)

Seller May Own Certificates. The Seller, Seller and any Affiliate of Person controlling, controlled by, or under common control with the Seller, Seller may in its individual or any other capacity become the owner or pledgee of Certificates with the same rights as it would have if it were not the Seller or an Affiliate affiliate thereof, except as otherwise provided in the definition of "Certificateholder," ", "Class A Certificateholder" and "Class B Certificateholder" specified in Section 1.111.1. Certificates so owned by or pledged to the Seller or such controlling, controlled controlling or commonly controlled Person shall have an equal and proportionate benefit under the provisions of this the Agreement, without preference, priority, or distinction as among all of the Certificates.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Usaa Federal Savings Bank), Pooling and Servicing Agreement (Usaa Federal Savings Bank), Pooling and Servicing Agreement (Usaa Federal Savings Bank)

Seller May Own Certificates. The Seller, and any Affiliate of the Seller, may in its individual or any other capacity become the owner or pledgee of Certificates with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as otherwise provided in the definition of "Certificateholder," ", "Class A Certificateholder" and "Class B Certificateholder" in Section Section 1.1. Except as set forth herein, Certificates so owned by or pledged to the Seller or such controlling, controlled or commonly controlled Person Affiliate shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority, or distinction as among all of the Certificates.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Daimler Benz Vehicle Receivables Corp), Pooling and Servicing Agreement (Daimler Benz Vehicle Receivables Corp)

Seller May Own Certificates. The Seller, Seller and any Affiliate of Person controlling, controlled by or under common control with the Seller, Seller may in its individual or any other capacity become the owner or pledgee of Certificates with the same rights as it would have if it were not the Seller or an Affiliate affiliate thereof, except as otherwise provided in the definition of "Certificateholder," "Class A Certificateholder" and "Class B Certificateholder" specified in Section 1.12.01 and except as otherwise specifically provided herein. Certificates so owned by or pledged to the Seller or such controlling, controlled controlling or commonly controlled Person shall have an equal and proportionate benefit under the provisions of this the Agreement, without preference, priority, priority or distinction as among all of the Certificates, except as otherwise expressly provided in the Agreement.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nissan Auto Receivables Corp /De)

Seller May Own Certificates. The Seller, Seller and any Affiliate of Person controlling, controlled by, or under common control with the Seller, Seller may in its individual or any other capacity become the owner or pledgee of Certificates with the same rights as it would have if it were not the Seller or an Affiliate affiliate thereof, except as otherwise provided in the definition of "Certificateholder," "Class A Certificateholder" and "Class B Certificateholder" specified in Section 1.111.1 and except as otherwise specifically provided herein. Certificates so owned by or pledged to the Seller or such controlling, controlled controlling or commonly controlled Person shall have an equal and proportionate benefit under the provisions of this the Agreement, without preference, priority, or distinction as among all of the Certificates.

Appears in 1 contract

Sources: Standard Terms and Conditions Agreement (Ford Credit Auto Receivables Corp)

Seller May Own Certificates. The Seller, Seller and any Affiliate of Person --------------------------- controlling, controlled by or under common control with the Seller, Seller may in its individual or any other capacity become the owner or pledgee of Certificates with the same rights as it would have if it were not the Seller or an Affiliate affiliate thereof, except as otherwise provided in the definition of "Certificateholder," "Class A Certificateholder" and "Class B Certificateholder" specified in Section 1.12.01 and except as otherwise specifically provided herein. Certificates so owned by or pledged to the Seller or such controlling, controlled controlling or commonly controlled Person shall have an equal and proportionate benefit under the provisions of this the Agreement, without preference, priority, priority or distinction as among all of the Certificates, except as otherwise expressly provided in the Agreement.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nissan Auto Receivables Corp /De)