Common use of Release of Receivables Clause in Contracts

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC pursuant to Section 4.3 of the Purchase Agreement or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records relating thereto, such assignment being an assignment outright and not for security; and NMAC or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and records, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement) (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 of the Purchase Agreement or Sections 4.06 and 9.02.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC pursuant to Section 4.3 of the Purchase Agreement or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records relating thereto, such assignment being an assignment outright and not for security; and NMAC or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and records, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 51 (NAROT 20232022-B Sale and Servicing Agreement) (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 of the Purchase Agreement or Sections 4.06 and 9.02.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.0112.02, the Issuer and the Indenture Trustee on behalf of the Noteholders, Certificateholders shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer Trustee in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer Trustee hereunder pursuant to Section 2.01 2.02 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders Certificateholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 Sections 3.02, 4.06 and 12.02. (c) If in any enforcement suit or legal proceeding it is held that the Seller or Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Trustee on behalf of the Purchase Agreement Certificateholders shall, at the written direction and expense of the Seller or Sections 4.06 and 9.02Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Certificateholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 of the Purchase Agreement or Sections 3.02, 4.06 and 9.02. 63 If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, at the written direction and expense of the Seller or Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, the Certificateholders or the Noteholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being (Nissan 2005-A Sale and Servicing Agreement) an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 of the Purchase Agreement or Sections 3.02, 4.06 and 9.02. (c) If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, at the written direction and expense of the Seller or Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, the Certificateholders or the Noteholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 of the Purchase Agreement or Sections 3.02, 4.06 and 9.02. (c) If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, at the written direction and expense of the Seller or Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, the Certificateholders or the Noteholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 Sections 3.02, 4.06 and 9.01. (c) If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture Trustee on behalf of the Purchase Agreement Noteholders, shall, at the written direction and expense of the Seller or Sections 4.06 and 9.02Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, the Certificateholders or the Noteholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 of the Purchase Agreement or Sections 3.02, 4.06 and 9.02. (Nissan 2003-A Sale and Servicing Agreement) 63 If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, at the written direction and expense of the Seller or Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, the Certificateholders or the Noteholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records relating thereto, such assignment being an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and records, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 of the Purchase Agreement or Sections 3.02, 4.06 and 9.02. (c) If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, at the written direction and expense 67 (Nissan 2008-A Sale and Servicing Agreement) of the Seller or Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, the Certificateholders or the Noteholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 of the Purchase Agreement or Sections 3.02, 4.06 and 9.02. (Nissan 2003-B Sale and Servicing Agreement) 63 If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, at the written direction and expense of the Seller or Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, the Certificateholders or the Noteholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 4.07 or Section 9.0112.02, the Issuer and the Indenture Trustee on behalf of the Noteholders, Certificateholders shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer Trustee in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer Trustee hereunder pursuant to Section 2.01 2.02 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders Certificateholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 Sections 3.02, 4.07 and 12.02. (c) If in any enforcement suit or legal proceeding it is held that the Seller or Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Trustee on behalf of the Purchase Agreement Certificateholders shall, at the written direction and expense of the Seller or Sections 4.06 and 9.02Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Certificateholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Issuer Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being 68 (Sale and Servicing Agreement) an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 of the Purchase Agreement or Sections 3.02, 4.06 and 9.02. (c) If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, at the written direction and expense of the Seller or Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, the Certificateholders or the Noteholders.

Release of Receivables. (a) Upon repurchase of any Receivable by NMAC the Seller pursuant to Section 4.3 of the Purchase Agreement 3.02 or repurchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01, the Owner Trustee on behalf of the Issuer and the Certificateholders, and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to NMAC the Seller or the Servicer, as the case may be, all right, title and interest of the Owner Trustee on behalf of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records documents relating thereto, such assignment being an assignment outright and not for security; and NMAC the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and recordsdocuments, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee or the Noteholders with respect thereto. 53 (NAROT 2023-B Sale and Servicing Agreement). (b) The Issuer Owner Trustee and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably requested by NMAC the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Section 4.3 Sections 3.02, 4.06 and 9.01. (c) If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Owner Trustee on behalf of the Purchase Agreement Issuer and the Certificateholders, and the Indenture Trustee on behalf of the Noteholders, shall, at the written direction and expense of the Seller or Sections 4.06 and 9.02Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, Certificateholders or Noteholders.