Common use of Depositor's Warranties Clause in Contracts

Depositor's Warranties. In the case of each delivery of Bonds to the Trustee, the Depositor shall be deemed thereby to represent and warrant to the Trustee that the Depositor is duly authorized to so deliver such Bonds and that immediately prior to the delivery thereof the Depositor owned such Bonds free and clear of any lien, pledge, encumbrance or other security interest, and such delivery is irrevocable and free of any continuing claim by the Depositor, except for the Retained Amount. The Depositor shall further be deemed by such delivery to represent and warrant to the Trustee that the prospectus and prospectus supplement prepared by the Depositor with respect to the Certificates makes such disclosure with respect to the Bonds as is required by applicable federal and state securities laws. Such representations and warranties shall survive the delivery of such Bonds and the Certificates in respect thereof. PAYMENT OF INTEREST AND PRINCIPAL; CUSTODY OF PROCEEDS OF INTEREST AND PRINCIPAL PAYMENTS

Depositor's Warranties. In the case of each delivery of Bonds to the Trustee, the Depositor shall be deemed thereby to represent and warrant to the Trustee that the Depositor is duly authorized to so deliver such Bonds and that immediately prior to the delivery thereof the Depositor owned such Bonds free and clear of any lien, pledge, encumbrance or other security interest, and such delivery is irrevocable and free of any continuing claim by the Depositor, except for the Retained Amount. The Depositor shall further be deemed by such delivery to have made the representations and warranties contained in the Series Trust Agreement with respect to such Bonds and to represent and warrant to the Trustee that the prospectus and prospectus supplement prepared by the Depositor with respect to the Certificates Receipts makes such disclosure with respect to the Bonds as is required by applicable federal and state securities laws. Such representations and warranties shall survive the delivery of such Bonds and the Certificates Receipts in respect thereof. PAYMENT OF INTEREST AND PRINCIPAL; CUSTODY OF PROCEEDS OF INTEREST AND PRINCIPAL PAYMENTS.