Common use of Preferential Collection of Claims Against Issuing Entity Clause in Contracts

Preferential Collection of Claims Against Issuing Entity. If and when the Collateral Agent shall be or become a creditor of the Issuing Entity (or any other obligor upon the Asset Pool One Notes), the Collateral Agent will be subject to the provisions of Section 311 of the Trust Indenture Act. A Collateral Agent who has resigned or been removed will be subject to Section 311(a) of the Trust Indenture Act to the extent provided therein.