Common use of Transfers Intended as Sale; Security Interest Clause in Contracts

Transfers Intended as Sale; Security Interest. (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales and transfers rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables listed on the Schedule of Receivables and related First Tier Purchased Assets shall not be treated as property of BANA by the FDIC or other governmental authority acting as conservator or receiver of BANA in a conservatorship, receivership, insolvency or other similar Proceeding in respect of BANA under the Federal Deposit Insurance Act, 12 U.S.C. Section 1811 et seq. or other applicable law. The sales and transfers by BANA of the Receivables listed on the Schedule of Receivables and related First Tier Purchased Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, BANA, except as otherwise specifically provided herein. The limited rights of recourse specified herein against BANA are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables.

Transfers Intended as Sale; Security Interest. (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales and transfers rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables listed on the Schedule of Receivables and related First Tier Purchased Assets shall not be treated as property of [BANA by the FDIC or other governmental authority acting as conservator or receiver of BANA in a conservatorship, receivership, insolvency or other similar Proceeding in respect of BANA under the Federal Deposit Insurance Act, 12 U.S.C. Section 1811 et seq. or other applicable law. ] [the Seller’s estate in the event of a bankruptcy or insolvency of the Seller.] The sales and transfers by BANA the Seller of the Receivables listed on the Schedule of Receivables and related First Tier Purchased Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, BANAthe Seller, except as otherwise specifically provided herein. The limited rights of recourse specified herein against BANA the Seller are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables.

Transfers Intended as Sale; Security Interest. (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales and transfers rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables listed on the Schedule of Receivables and related First Tier Purchased Assets shall not be treated as property of [BANA by the FDIC or other governmental authority acting as conservator or receiver of BANA in a conservatorship, receivership, insolvency or other similar Proceeding proceeding in respect of BANA under the Federal Deposit Insurance Act, 12 U.S.C. Section 1811 et seq. or other applicable law. ] [the Seller’s estate in the event of a bankruptcy or insolvency of the Seller.] The sales and transfers by BANA the Seller of the Receivables listed on the Schedule of Receivables and related First Tier Purchased Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, BANAthe Seller, except as otherwise specifically provided herein. The limited rights of recourse specified herein against BANA the Seller are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables.

Transfers Intended as Sale; Security Interest. (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales and transfers rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables listed on the Schedule of Receivables and related First Tier Purchased Assets shall not be treated as property of BANA by the FDIC or other governmental authority acting as conservator or receiver of BANA in a conservatorship, receivership, insolvency or other similar Proceeding in respect of BANA under the Federal Deposit Insurance Act, 12 U.S.C. Section 1811 et seq. seq or other applicable law. The sales and transfers by BANA of the Receivables listed on the Schedule of Receivables and related First Tier Purchased Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, BANA, except as otherwise specifically Purchase Agreement (2006-G1) provided herein. The limited rights of recourse specified herein against BANA are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables.