Each party hereto acknowledges and agrees (and each holder or pledgee of the 2019-A Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (i) the Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del.
The obligations of the Seller under this Agreement will not be affected by reason of any invalidity, illegality or irregularity of the 2019-A Exchange Note or any 2019-A Lease or 2019-A Vehicle allocated to the 2019-A Reference Pool.
The 2019-A Exchange Note has been duly executed, issued, authenticated and delivered and is the valid and binding obligation of the Borrowers entitled to the benefits of the Exchange Note Supplement and the Credit and Security Agreement.
The Seller is receiving from the Purchaser reasonably equivalent value in exchange for the transfer of 2019-A Exchange Note.
This Agreement will terminate on the payment in full or cancellation of the 2019-A Exchange Note.