Sale and Assignment of Repurchased Receivable. When the Sponsor’s payment of the Purchase Amount for a Receivable is included in Available Funds for a Payment Date, the Depositor will be deemed to have sold and assigned to the Sponsor, effective as of the last day of the Collection Period before the related Collection Period, all of the Depositor’s right, title and interest in the Receivable and all security and documents relating to the Receivable. The sale will not require any action by the Depositor and will be without recourse, representation or warranty by the Depositor except the representation that the Depositor owns the Receivable free and clear of any Lien, other than Permitted Liens. After the sale, the Servicer will xxxx its receivables systems to indicate that the receivable is no longer a Receivable and may take any action necessary or advisable to transfer the Purchased Receivable, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.
Appears in 38 contracts
Samples: Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2022-A), Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2022-A), Receivables Purchase Agreement (Ford Credit Auto Receivables Two LLC)
Sale and Assignment of Repurchased Receivable. When the Sponsor’s 's payment of the Purchase Amount for a Receivable is included in Available Funds for a Payment Date, the Depositor will be deemed to have sold and assigned to the Sponsor, effective as of the last day of the Collection Period before the related Collection Period, all of the Depositor’s 's right, title and interest in the Receivable and all security and documents relating to the Receivable. The sale will not require any action by the Depositor and will be without recourse, representation or warranty by the Depositor except the representation that the Depositor owns the Receivable free and clear of any Lien, other than Permitted Liens. After the sale, the Servicer will xxxx mark its receivables systems to indicate that the receivable is no longer a Receivable and may take any action necessary or advisable to transfer the Purchased Receivable, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.
Appears in 15 contracts
Samples: Receivables Purchase Agreement (Ford Credit Auto Receivables Two LLC), Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2024-B), Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2024-B)
Sale and Assignment of Repurchased Receivable. When the Sponsor’s 's payment of the Purchase Amount for a Receivable is included in Available Funds for a Payment Date, the Depositor will be deemed to have sold and assigned to the Sponsor, effective as of the last day of the Collection Period before the related Collection Period, all of the Depositor’s 's right, title and interest in the Receivable and all security and documents relating to the Receivable. The sale will not require any action by the Depositor and will be without recourse, representation or warranty by the Depositor except the representation that the Depositor owns the Receivable free and clear of any Lien, other than Permitted Liens. After the sale, the Servicer will xxxx mxxx its receivables systems to indicate that the receivable is no longer a Receivable and may take any action necessary or advisable to transfer the Purchased Receivable, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.
Appears in 1 contract
Samples: Receivables Purchase Agreement (Ford Credit Auto Owner Trust 2022-B)
Sale and Assignment of Repurchased Receivable. When the Sponsor’s payment of the Purchase Amount for a Receivable is included in Available Funds for a Payment Date, the Depositor will be deemed to have sold and assigned to the Sponsor, effective Sponsor as of the last first day of the related Collection Period before the related Collection Period, all of the Depositor’s right, title and interest in the Receivable and all security and documents relating to the Receivable. The sale will not require any action by the Depositor and will be without recourse, representation or warranty by the Depositor except the representation that the Depositor owns the Receivable free and clear of any Lien, other than Permitted Liens. After the sale, the Servicer will xxxx its receivables systems to indicate that the receivable is no longer a Receivable and may take any action necessary or advisable to transfer the Purchased Receivable, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.
Appears in 1 contract
Samples: Receivables Purchase Agreement (Ford Credit Auto Receivables Two LLC)