Common use of Sale of the First-Tier Assets Clause in Contracts

Sale of the First-Tier Assets. (a) Effective as of the 2016-B Closing Date, the Seller sells, transfers, assigns and otherwise conveys to the Purchaser, without recourse, all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the 2016-B Exchange Note and all of the Seller’s rights under the 2016-B Basic Documents, including all monies paid thereon and all monies due thereon after the 2016-B Cutoff Date (collectively, the “First-Tier Assets”). (b) The Purchaser accepts the sales, transfers, assignments and conveyances made pursuant to Section 2.01(a) and pays to the Seller, as payment for the 2016-B Exchange Note, the “Exchange Note Purchase Price” which is equal to (i) the net proceeds of the sale of the 2016-B ABS Notes and (ii) the Certificates. The First-Tier Assets will become the property and rights of the Purchaser.

Sale of the First-Tier Assets. (a) Effective as of the 20162020-B Closing Date, the Seller sells, transfers, assigns and otherwise conveys to the Purchaser, without recourse, all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the 20162020-B Exchange Note and all of the Seller’s rights under the 20162020-B Basic Documents, including all monies paid thereon and all monies due thereon after the 20162020-B Cutoff Date (collectively, the “First-Tier Assets”). (b) The Purchaser accepts the sales, transfers, assignments and conveyances made pursuant to Section 2.01(a) and pays to the Seller, as payment for the 20162020-B Exchange Note, the “Exchange Note Purchase Price” which is equal to (i) the net proceeds of the sale of the 20162020-B ABS Notes and (ii) the CertificatesNotes. The First-Tier Assets will become the property and rights of the Purchaser.

Sale of the First-Tier Assets. (a) Effective as of the 20162024-B Closing Date, the Seller sells, transfers, assigns and otherwise conveys to the Purchaser, without recourse, all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the 20162024-B Exchange Note and all of the Seller’s rights under the 20162024-B Basic Documents, including all monies paid thereon and all monies due thereon after the 20162024-B Cutoff Date (collectively, the “First-Tier Assets”). (b) The Purchaser accepts the sales, transfers, assignments and conveyances made pursuant to Section 2.01(a) and pays to the Seller, as payment for the 20162024-B Exchange Note, the “Exchange Note Purchase Price” which is equal to (i) the net proceeds of the sale of the 20162024-B ABS Notes and (ii) the CertificatesNotes. The First-Tier Assets will become the property and rights of the Purchaser.

Sale of the First-Tier Assets. (a) Effective as of the 20162021-B Closing Date, the Seller sells, transfers, assigns and otherwise conveys to the Purchaser, without recourse, all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the 20162021-B Exchange Note and all of the Seller’s rights under the 20162021-B Basic Documents, including all monies paid thereon and all monies due thereon after the 20162021-B Cutoff Date (collectively, the “First-Tier Assets”). (b) The Purchaser accepts the sales, transfers, assignments and conveyances made pursuant to Section 2.01(a) and pays to the Seller, as payment for the 20162021-B Exchange Note, the “Exchange Note Purchase Price” which is equal to (i) the net proceeds of the sale of the 20162021-B ABS Notes and (ii) the CertificatesNotes. The First-Tier Assets will become the property and rights of the Purchaser.

Sale of the First-Tier Assets. (a) Effective as of the 20162024-B A Closing Date, the Seller sells, transfers, assigns and otherwise conveys to the Purchaser, without recourse, all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the 20162024-B A Exchange Note and all of the Seller’s rights under the 20162024-B A Basic Documents, including all monies paid thereon and all monies due thereon after the 20162024-B A Cutoff Date (collectively, the “First-Tier Assets”). (b) The Purchaser accepts the sales, transfers, assignments and conveyances made pursuant to Section 2.01(a) and pays to the Seller, as payment for the 20162024-B A Exchange Note, the “Exchange Note Purchase Price” which is equal to (i) the net proceeds of the sale of the 20162024-B A ABS Notes and (ii) the CertificatesNotes. The First-Tier Assets will become the property and rights of the Purchaser.