Common use of Transfer of Control Clause in Contracts

Transfer of Control. 7.1 Initial Transfer of Control from Dealer to Financing Source. There is a two-step protocol for the initial Transfer of Control of an Authoritative Copy to a Purchaser. The Dealer will initiate a Transfer of Control of the Authoritative Copy by submitting the data on an eContract to a Financing Source via the System. Once the Financing Source confirms its willingness to accept the eContract via the System, the eContract is assigned in accordance with the agreement of the transferor and transferee and Control is Transferred to the Financing Source as Purchaser by the System on behalf of the Dealer, as the Dealer’s authorized electronic agent. The Authoritative Copy of the eContract is stored in the Financing Source’s segment of the Vault. A Non- Authoritative Copy will be stored in the Dealer’s segment of the Vault, and the Ownership Record will be updated to reflect the transaction. If the Financing Source chooses, it may transmit the Authoritative Copy via TOLEC to its own separate secure storage facility pursuant to Section 9.

Transfer of Control. 7.1 Initial Transfer of Control from Dealer to Financing Source. There is a two-step protocol for the initial Transfer transfer of Control of an Authoritative Copy to a Purchaser. The Dealer will initiate a Transfer transfer of Control of the Authoritative Copy by submitting the data on an eContract to a Financing Source via the System. Once the Financing Source confirms its willingness to accept the eContract via the System, the eContract is assigned in accordance with the agreement of the transferor and transferee and Control is Transferred transferred to the Financing Source as Purchaser by the System on behalf of the Dealer, as the Dealer’s authorized electronic agent. The Authoritative Copy of the eContract is stored in the Financing Source’s segment of the Vault. A Non- Non-Authoritative Copy will be stored in the Dealer’s segment of the Vault, and the Ownership Record will be updated to reflect the transaction. transaction If the Financing Source chooses, it may transmit transfer the Authoritative Copy via TOLEC to its own separate secure storage facility pursuant to Section 97.5.

Transfer of Control. 7.1 Initial Transfer of Control from Dealer to Financing Source. There is a two-step protocol for the initial Transfer transfer of Control of an Authoritative Copy to a Purchaser. The Dealer will initiate a Transfer transfer of Control of the Authoritative Copy by submitting the data on an eContract to a Financing Source via the System. Once the Financing Source confirms its willingness to accept the eContract via the System, the eContract is assigned in accordance with the agreement of the transferor and transferee and Control is Transferred transferred to the Financing Source as Purchaser by the System on behalf of the Dealer, as the Dealer’s authorized electronic agent. The Authoritative Copy of the eContract is stored in the Financing Source’s segment of the Vault. A Non- Non-Authoritative Copy will be stored in the Dealer’s segment of the Vault, and the Ownership Record will be updated to reflect the transaction. If the Financing Source chooses, it may transmit transfer the Authoritative Copy via TOLEC to its own separate secure storage facility pursuant to Section 97.5.