Common use of Rights and Obligations under Transaction Documents Clause in Contracts

Rights and Obligations under Transaction Documents. The Administrator will perform the obligations of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) and take all action that the Issuer is required to take under the Transaction Documents, except for the Issuer’s obligations to make payments on the Notes. In addition, the Administrator will perform the obligations of, and may exercise any rights given to, the Administrator in the Transaction Documents as if it were a party to the Transaction Documents in its capacity as Administrator, including, but not limited to, selecting the Receivables to be acquired by the Depositor and the Issuer under the Transaction Documents. In addition, the Administrator will cause the Master Trust Administrator to comply with the requirements of Section 9.7(a) of the Master Collateral Agency Agreement with respect to the release of Receivables from the lien of the Master Collateral Agency Agreement on or prior to any Acquisition Date on which the Master Trust transfers Receivables to the Depositor.

Rights and Obligations under Transaction Documents. The Administrator will perform the obligations of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) and take all action that the Issuer is required to take under the Transaction Documents, except for the Issuer’s 's obligations to make payments on the Notes. In addition, the Administrator will perform the obligations of, and may exercise any rights given to, the Administrator in the Transaction Documents as if it were a party to the Transaction Documents in its capacity as Administrator, including, but not limited to, selecting the Receivables to be acquired by the Depositor and the Issuer under the Transaction Documents. In addition, the Administrator will cause the Master Trust Administrator to comply with the requirements of Section 9.7(a) of the Master Collateral Agency Agreement with respect to the release of Receivables from the lien of the Master Collateral Agency Agreement on or prior to any Acquisition Date on which the Master Trust transfers Receivables to the Depositor.