Common use of The Collateral Agreement Clause in Contracts

The Collateral Agreement. (a) The Bank, as Transferor and Servicer, ------------------------ hereby assigns all of its rights and obligations under the Collateral Agreement to Successor and, on and after the date of this Agreement, Successor expressly assumes, undertakes and agrees to be liable for the performance of each and every covenant and obligation of the Bank, as Transferor and Servicer, mutatis ------- mutandis, under the Collateral Agreement. -------- (b) On and after the date of this Agreement, the Bank shall be relieved of its obligations under the Collateral Agreement, other than obligations arising under the Collateral Agreement prior to the date of this Agreement. (c) Pursuant to Section 7.9(b) of the Collateral Agreement, First Union National Bank, as the Majority Investor (as defined in the Collateral Agreement), hereby consents to the Bank's assignment of all of the Bank's rights and obligations under the Collateral Agreement to Successor. First Union National Bank acknowledges that this Agreement satisfies the requirements of Sections 7.9(b)(i) and (ii) of the Collateral Agreement.

The Collateral Agreement. (a) The Bank, as Transferor and Servicer, ------------------------ hereby assigns all of its rights and obligations under the Collateral Agreement to Successor and, on and after the date of this Agreement, Successor expressly assumes, undertakes and agrees to be liable for the performance of each and every covenant and obligation of the Bank, as Transferor and Servicer, mutatis ------- mutandis, under the Collateral Agreement. --------. (b) On and after the date of this Agreement, the Bank shall be relieved of its obligations under the Collateral Agreement, other than obligations arising under the Collateral Agreement prior to the date of this Agreement. (c) Pursuant to Section 7.9(b) of the Collateral Agreement, First Union National Bank, as the Majority Investor (as defined in the Collateral Agreement), hereby consents to the Bank's assignment of all of the Bank's rights and obligations under the Collateral Agreement to Successor. First Union National Bank acknowledges that this Agreement satisfies the requirements of Sections 7.9(b)(i) and (ii) of the Collateral Agreement.