Undivided Co-Ownership of the Custodial Property Sample Clauses

Undivided Co-Ownership of the Custodial Property. The Co-Owners of each Series and, if applicable, the related Credit Enhancement Providers shall own an undivided co-ownership interest in the Account Assets (excluding for greater certainty Series Accounts and Series Credit Enhancement which shall be owned as specified in the applicable Series Purchase Agreement), as tenants-in-common with each other Co-Owner and, if applicable, Credit Enhancement Providers, and the Seller. Each Co-Owner, Credit Enhancement Provider, if applicable, and the Seller shall be entitled to participate in the income from the Account Assets and receive allocations and distributions of Collections, Purchase Proceeds, deposits in respect of Credit Adjustments, other amounts deposited in the Collection Account and, to the extent provided for in a Series Purchase Agreement and/or Series Credit Enhancement Agreement, from a Series Account or from a Series Credit Enhancement, together with any investments, and proceeds from such investments made with such deposits in each case to the extent, at the times and in the amounts provided for hereunder and in the applicable Series Purchase Agreement. No Co-Owner, Credit Enhancement Provider, if applicable, nor the Seller, as a co-owner of the Account Assets, shall have a separate interest in or to any Receivable under any particular Account, but rather each shall be entitled to participate in: (i) the income from the Account Assets, (ii) Collections, Purchase Proceeds, deposits in respect of Credit Adjustments and other amounts deposited in the Collection Account, and (iii) Series Credit Enhancement, if applicable, and will bear their share of losses in respect of the Account Assets and their share of Pool Expenses, in each case to the extent and in the manner provided for hereunder and in the applicable Series Purchase Agreement. Subject to Section 10.14, this Agreement may not be revoked by the Seller, any Co-Owner or any Credit Enhancement Provider. The Ownership Interest of each of the Co-Owners and, if applicable, Credit Enhancement Providers and the Retained Interest of the Seller shall accordingly be transferable only in accordance with this Agreement and the applicable Series Purchase Agreement and no Co-Owner, Credit Enhancement Provider, if applicable, nor the Seller may seek or be entitled to partition or other division of the Custodial Property held by the Custodian hereunder and pursuant to Series Purchase Agreements and Series Credit Enhancement Agreements. Each Co-Owner and, if ...
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Related to Undivided Co-Ownership of the Custodial Property

  • Ownership, No Liens, etc The Pledgor is the legal and beneficial owner of, and has good and marketable title to (and has full right and authority to pledge and assign), the Pledged Collateral, free and clear of all Liens except Permitted Liens.

  • Ownership of Property; Liens; Investments (a) Each Loan Party and each of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

  • Ownership of Trust Property Legal title to all of the Trust Property shall at all times be considered to be vested in the Trust, except that the Board of Trustees shall have the power to cause legal title to any Trust Property to be held by or in the name of any Person as nominee, on such terms as the Board of Trustees may determine, in accordance with applicable law.

  • Ownership of the Leased Property Lessee acknowledges that the Leased Property is the property of Lessor and that Lessee has only the right to the possession and use of the Leased Property upon the terms and conditions of this Lease.

  • Ownership of the Property Borrower shall take all necessary action to retain title to the Property and the related Collateral irrevocably in Borrower, free and clear of any Liens other than Permitted Liens. Borrower shall warrant and defend the title to the Property and every part thereof, subject only to Permitted Liens, in each case against the claims of all Persons whomsoever.

  • Ownership of Collateral (a) With respect to the Collateral, at the time the Collateral becomes subject to Agent’s security interest: (i) each Borrower shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority security interest in each and every item of the its respective Collateral to Agent; and, except for Permitted Encumbrances the Collateral shall be free and clear of all Liens and encumbrances whatsoever; (ii) each document and agreement executed by each Borrower or delivered to Agent or any Lender in connection with this Agreement shall be true and correct in all respects; (iii) all signatures and endorsements of each Borrower that appear on such documents and agreements shall be genuine and each Borrower shall have full capacity to execute same; and (iv) each Borrower’s Equipment and Inventory shall be located as set forth on Schedule 4.5 and shall not be removed from such location(s) without the prior written consent of Agent except with respect to the sale of Inventory in the Ordinary Course of Business and Equipment to the extent permitted in Section 4.3 hereof.

  • Existence; Businesses and Properties (a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise expressly permitted under Section 6.05.

  • POLICY TITLE AND OWNERSHIP Title and ownership shall reside in the Bank for its use and for the use of the Insured all in accordance with this Agreement. The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the policy cash values. Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Split Dollar policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.

  • Maintenance of Security Interests in Vehicles (a) Consistent with the policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the designation of AmeriCredit or an Originating Affiliate (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust.

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