Common use of Transfer and Assignment of Bankruptcy Surrendered Receivables Clause in Contracts

Transfer and Assignment of Bankruptcy Surrendered Receivables. When the Servicer’s payment of the Reconveyance Amount for its Bankruptcy Surrendered Receivables is deposited into the Collection Account, the Trust will be deemed to have transferred and absolutely assigned to the Servicer, effective as of the Reconveyance Date, all of the Trust’s right, title and interest in such Bankruptcy Surrendered Receivables and all security and documents relating to such Bankruptcy Surrendered Receivables on and after the related Reconveyance Cutoff Date. The transfer and absolute assignment will not require any action by the Additional Transferor, the Depositor, the Trust or the Master Collateral Agent and will be without recourse, representation or warranty by the Depositor or the Trust, except that such Bankruptcy Surrendered Receivables are free of any Liens, other than Permitted Liens. After the transfer and absolute assignment, the Servicer will xxxx its receivables systems to indicate that the Reconveyed Receivables are no longer Receivables and may take any action necessary or advisable to transfer and absolutely assign the Reconveyed Receivables, free from any Lien of the Additional Transferor, the Depositor, the Trust or the Master Collateral Agent.

Transfer and Assignment of Bankruptcy Surrendered Receivables. When the Serviceran Originator’s payment of the Reconveyance Amount for its Bankruptcy Surrendered Receivables is deposited into the Collection Account, the Trust will be deemed to have transferred and absolutely assigned to the Servicersuch Originator, effective as of the Reconveyance Date, all of the Trust’s right, title and interest in such Bankruptcy Surrendered Receivables and all security and documents relating to such Bankruptcy Surrendered Receivables on and after the related Reconveyance Cutoff Date. The transfer and absolute assignment will not require any action by the Additional Transferor, the Depositor, the Trust or the Master Collateral Agent and will be without recourse, representation or warranty by the Depositor or the Trust, except that such Bankruptcy Surrendered Receivables are free of any Liens, other than Permitted Liens. After the transfer and absolute assignment, the Servicer Originator will xxxx its receivables systems to indicate that the Reconveyed Receivables receivables are no longer Receivables and may take any action necessary or advisable to transfer and absolutely assign the Reconveyed Receivables, free from any Lien of the Additional Transferor, the Depositor, the Trust or the Master Collateral Agent.

Transfer and Assignment of Bankruptcy Surrendered Receivables. When the Servicer’s payment of the Reconveyance Amount for its Bankruptcy Surrendered Receivables is deposited into the Collection Account, the Trust will be deemed to have transferred and absolutely assigned to the Servicer, effective as of the Reconveyance Date, all of the Trust’s right, title and interest in such Bankruptcy Surrendered Receivables and all security and documents relating to such Bankruptcy Surrendered Receivables on and after the related Reconveyance Cutoff Date. The transfer and absolute assignment will not require any action by the Additional Transferor, the Depositor, the Trust or the Master Collateral Agent and will be without recourse, representation or warranty by the Depositor or the Trust, except that such Bankruptcy Surrendered Receivables are free of any Liens, other than Permitted Liens. After the transfer and absolute assignment, the Servicer will xxxx mark its receivables systems to indicate that the Reconveyed Receivables are no longer Receivables and may take any action necessary or advisable to transfer and absolutely assign the Reconveyed Receivables, free from any Lien of the Additional Transferor, the Depositor, the Trust or the Master Collateral Agent.