Common use of Substantive Consolidation Clause in Contracts

Substantive Consolidation. The Subservicer is operated such that neither the Issuer nor the Trust would be substantively consolidated in the bankruptcy estate of the Subservicer and their separate existence disregarded in the event of the Subservicer’s bankruptcy and the Subservicer acknowledges the opinion of counsel described in Section 6.10 and agrees that the assumptions set forth therein are accurate in all material respects.

Substantive Consolidation. The Subservicer is operated such that neither none of ICF, ICI, the Issuer nor Lessors and the Trust would be substantively consolidated in the bankruptcy estate of the Subservicer and their separate existence disregarded in the event of the Subservicer’s bankruptcy and the Subservicer acknowledges the opinion of counsel described in Section 6.10 and agrees that the assumptions set forth therein are accurate in all material respects.