Sale of the Second-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 “Second-Tier Assets”).
Sale of the Second-Tier Assets. (a) Effective as of the 2013-B Closing Date and immediately after the transaction pursuant to the First-Tier Sale Agreement, and immediately before the transactions contemplated by the Trust Agreement and the Indenture, the Depositor sells and assigns to the Issuer, without recourse, the Second-Tier Assets.
Sale of the Second-Tier Assets. (a) Effective as of the 20[__]-[__] 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 20[__]-[__] Exchange Note and all of the Seller’s rights under the 20[__]-[__] Basic Documents, including all monies paid thereon and all monies due thereon after the 20[__]-[__] Cutoff Date (collectively, the “Second-Tier Assets”).