Common use of Transfers and Absolute Assignments of Additional Receivables Clause in Contracts

Transfers and Absolute Assignments of Additional Receivables. Subject to the satisfaction of the conditions in Section 2.1(d), effective on each Acquisition Date, VZMT will transfer and absolutely assign to the Depositor, without recourse (other than the obligations of the Servicer with respect to such Receivables under this Agreement), all of VZMT’s right, title and interest, whether then owned or later acquired, in the related Additional Receivables acquired by it from time to time from various Originators and the other related VZMT Transferred Property. The Administrator, with the assistance of VZMT, will select each pool of Additional Receivables to be transferred and assigned by VZMT and acquired by the Depositor (and subsequently the Issuer) on each Acquisition Date, which Receivables will be set forth in the electronic file containing the Schedule of Receivables delivered on the date of the Transfer Notice for such Acquisition Date.