Common use of Transfer of Control to Purchaser Clause in Contracts

Transfer of Control to Purchaser. An Owner of Record other than a Dealer may Transfer Control of an Authoritative Copy within the System to any other Participant. Once an Owner of Record has initiated a Transfer of Control of the Authoritative Copy, the transferee must confirm its willingness to accept the Authoritative Copy. After receipt of such confirmation, the current Owner of Record confirms the Transfer, the eContract is assigned in accordance with the agreement of the transferor and transferee, and Control is Transferred to the transferee. The Authoritative Copy of the eContract will then be stored in the transferee’s segment of the Vault. A Non-Authoritative Copy will be stored in the transferor’s segment of the Vault, if elected by the transferor at time of Transfer, and the Ownership Record will be updated to reflect the transaction. The transferor may not offer to Transfer Control of the eContract to any other Person unless and until the outstanding offer is rejected or cancelled by the transferor. Dealertrack will have no responsibility for determining when, or whether, consideration for the Transfer has been received. The receipt or non-receipt of consideration shall not be relevant to a determination of the Owner of Record on the System.

Transfer of Control to Purchaser. An Owner of Record other than a Dealer may Transfer transfer Control of an Authoritative Copy within the System to any other ParticipantPerson who participates in the System. Once a Purchaser has agreed to transfer Control of an eContract, the current Owner of Record has initiated will initiate a Transfer transfer of Control of the Authoritative Copy, . Once the transferee must confirm confirms its willingness to accept the Authoritative Copy. After receipt of such confirmation, the current Owner of Record confirms the Transfer, the eContract is assigned in accordance with the agreement of the transferor and transferee, transferee and Control is Transferred transferred to the transferee. The Authoritative Copy of the eContract will then be stored in the transferee’s segment of the Vault. A Non-Authoritative Copy will be stored in the transferor’s segment of the Vault, if elected by the transferor at time of Transfer, and the Ownership Record will be updated to reflect the transaction. The transferor may not offer to Transfer Control of the eContract to any other Person unless and until the outstanding offer is rejected or cancelled by the transferorrejected. Dealertrack will have no responsibility for determining when, or whether, consideration for the Transfer transfer has been received. The receipt or non-receipt of consideration shall not be relevant to a determination of the Owner of Record on the System.

Transfer of Control to Purchaser. An Owner of Record other than a Dealer may Transfer transfer Control of an Authoritative Copy within the System to any other ParticipantPerson who participates in the System in accordance with this Section. Once a Purchaser has agreed to a transfer of Control of an eContract, the current Owner of Record has initiated will initiate a Transfer transfer of Control of the Authoritative Copy, . Once the transferee must confirm confirms its willingness to accept the Authoritative Copy. After receipt of such confirmation, the current Owner of Record confirms the Transfer, the eContract is assigned in accordance with the agreement of the transferor and transferee, transferee and Control is Transferred transferred to the transferee. The Authoritative Copy of the eContract will then be stored in the transferee’s 's segment of the Vault. A Non-Authoritative Copy will be stored in the transferor’s 's segment of the Vault, if elected by the transferor at time of Transfer, and the Ownership Record will be updated to reflect the transaction. The transferor may not offer to Transfer Control of the eContract to any other Person unless and until the outstanding offer is rejected or cancelled by the transferorrejected. Dealertrack will have no responsibility for determining when, or whether, consideration for the Transfer transfer has been received. The receipt or non-receipt of consideration shall not be relevant to a determination of the Owner of Record on the System.

Transfer of Control to Purchaser. An Owner of Record other than a Dealer may Transfer Control of an Authoritative Copy within the System to any other Participant. Once an Owner of Record has initiated a Transfer of Control of the Authoritative Copy, the transferee must confirm its willingness to accept the Authoritative Copy. After receipt of such confirmation, the current Owner of Record confirms the Transfer, the eContract is assigned in accordance with the agreement of the transferor and transferee, transferee and Control is Transferred to the transferee. The Authoritative Copy of the eContract will then be stored in the transferee’s segment of the Vault. A Non-Authoritative Copy will be stored in the transferor’s segment of the Vault, if elected by the transferor at time of Transfer, and the Ownership Record will be updated to reflect the transaction. The transferor may not offer to Transfer Control of the eContract to any other Person unless and until the outstanding offer is rejected or cancelled by the transferor. Dealertrack will have no responsibility for determining when, or whether, consideration for the Transfer has been received. The receipt or non-receipt of consideration shall not be relevant to a determination of the Owner of Record on the System.