Common use of Servicer May Own Notes Clause in Contracts

Servicer May Own Notes. Each of the Servicer and any affiliate of the Servicer may in its individual or any other capacity become the owner or pledgee of Notes with the same rights as it would have if it were not the Servicer or an affiliate thereof except as otherwise specifically provided herein. Notes so owned by or pledged to the Servicer or such affiliate shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority, or distinction as among all of the Notes; provided, however, that any Notes owned by the Servicer or any affiliate thereof, during the time such Notes are owned by any of them, shall be without voting rights for any purpose set forth in this Agreement. The Servicer shall notify the Indenture Trustee promptly after it or any of its affiliates becomes the owner or pledgee of a Note.

Servicer May Own Notes. Each of the Servicer and any affiliate Affiliate of the Servicer may in its individual or any other capacity become the owner or pledgee of Notes with the same rights as it would have if it were not the Servicer or an affiliate Affiliate thereof except as otherwise specifically provided herein. Notes so owned by or pledged to the Servicer or such affiliate Affiliate shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority, or distinction as among all of the Notes; provided, however, that any Notes owned by the Servicer or any affiliate Affiliate thereof, during the time such Notes are owned by any of them, shall be without voting rights for any purpose set forth in this Agreement. The Servicer shall notify the Indenture Trustee promptly after it or any of its affiliates Affiliates becomes the owner or pledgee of a Note.