Common use of Intention of the Parties; Grant of Security Interest Clause in Contracts

Intention of the Parties; Grant of Security Interest. It is the intention of the parties hereto that each transfer of the Conveyed Assets to be made pursuant to the terms hereof shall constitute an absolute assignment and a sale of such Contract by each Seller to the Trust and not a loan. In the event, however, that a court of competent jurisdiction were to hold that any such transfer constitutes a loan and not a sale, it is the intention of the parties hereto that this Agreement is deemed to be a security agreement and that each Seller shall be deemed to have granted to the Trust as of the related Conveyance Date a first priority perfected security interest in all of such Seller's right, title and interest in, to and under each Conveyed Asset, and all income and proceeds thereof. Such grant is made to secure the payment of all amounts payable under this Agreement.

Intention of the Parties; Grant of Security Interest. It is the intention of the parties hereto that each transfer of the Conveyed Released Assets to be made pursuant to the terms hereof shall constitute an absolute assignment and a sale of such Contract by each Seller to the Trust and not a loan. In the event, however, that a court of competent jurisdiction were to hold that any such transfer constitutes a loan and not a sale, it is the intention of the parties hereto that this Agreement is deemed to be a security agreement and that each Seller shall be deemed to have granted to the Trust as of the related Conveyance Date date hereof a first priority perfected security interest in all of such Seller's right, title and interest in, to and under each Conveyed Released Asset, and all income and proceeds thereof. Such grant is made to secure the payment of all amounts payable under this Agreement.

Intention of the Parties; Grant of Security Interest. It is the intention of the parties hereto that each transfer of the Conveyed Assets to be made pursuant to the terms hereof shall constitute an absolute assignment and a sale or capital contribution of such Contract by each Seller to the Trust Transferor and not a loan. In the event, however, that a court of competent jurisdiction were to hold that any such transfer constitutes a loan and not a salesale or capital contribution, it is the intention of the parties hereto that this Agreement is deemed to be a security agreement and that each Seller shall be deemed to have granted to the Trust Transferor as of the related Conveyance Date date hereof a first priority perfected security interest in all of such Seller's right, title and interest in, to and under each Conveyed Asset, and all income and proceeds thereof. Such grant is made to secure the payment of all amounts payable under this Agreement.

Intention of the Parties; Grant of Security Interest. It is the intention of the parties hereto that each transfer of the Conveyed Assets to be made pursuant to the terms hereof shall constitute an absolute assignment and a sale of such Contract by each Seller to the Trust and not a loan. In the event, however, that a court of competent jurisdiction were to hold that any such transfer constitutes a loan and not a sale, it is the intention of the parties hereto that this Agreement is deemed to be a security agreement and that each Seller shall be deemed to have granted to the Trust as of the related Conveyance Date date hereof a first priority perfected security interest in all of such Seller's right, title and interest in, to and under each Conveyed Asset, and all income and proceeds thereof. Such grant is made to secure the payment of all amounts payable under this Agreement.