PLEDGE OF ASSETS. Master Servicer hereby acknowledges that the Owner has granted a security interest in the Transferred Receivables to the Indenture Trustee under the Indenture, and hereby waives any defenses it may have against the Indenture Trustee for the enforcement of this Agreement in the event of foreclosure by the Indenture Trustee. Accordingly, the parties hereto agree that, in the event of foreclosure by the Indenture Trustee, the Indenture Trustee shall have the right to enforce this Agreement and the full performance by the parties hereto of their obligations and undertakings set forth herein. Master Servicer hereby agrees to deliver to the Indenture Trustee a copy of all notices to be delivered by Master Servicer to Owner hereunder.
Appears in 4 contracts
Samples: Second Amended and Restated Servicing Agreement (CDF Funding, Inc.), Servicing Agreement (CDF Funding, Inc.), Servicing Agreement (CDF Funding, Inc.)
PLEDGE OF ASSETS. Master Servicer hereby acknowledges that the Owner has granted a security interest in the Transferred Receivables to the Indenture Trustee under the Indenture, and hereby waives any defenses it may have against the Indenture Trustee for the enforcement of this Agreement in the event of foreclosure by the Indenture Trustee. Accordingly, the parties hereto agree that, in the event of foreclosure by the Indenture Trustee, the Indenture Trustee shall have the right to enforce this Agreement and the full performance by the parties hereto of their obligations and undertakings set forth herein. Master Servicer hereby agrees to deliver to the Indenture Trustee a copy of all notices to be delivered by Master Servicer to Owner hereunder.. 27 Amended and Restated Servicing Agreement
Appears in 1 contract
Samples: Servicing Agreement (GE Dealer Floorplan Master Note Trust)
