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

Transfers and Absolute Assignments of Receivables. Subject to the satisfaction of the conditions in Section 2.1(c), effective on each Acquisition Date, each applicable Originator will transfer and absolutely assign to the Depositor, without recourse (other than such Originator’s obligations under this Agreement), all of such Originator’s right, title and interest, whether then owned or later acquired, in the related Receivables originated by such Originator and the other related Originator Transferred Property. The Administrator, with the assistance of each Originator, will select each pool of Receivables to be transferred and assigned by each Originator and acquired by the Depositor (and subsequently the Trust) on each Acquisition Date, which Receivables will be set forth on the related Schedule of Receivables. In connection with each such transfer and assignment, the Trust (or the Administrator, on behalf of the Trust) will also select the Group to which such Receivables shall be designated and will notify each applicable Originator of such designation on or prior to the related Acquisition Date.

Transfers and Absolute Assignments of Receivables. Subject to the satisfaction of the conditions in Section 2.1(c), effective on each date on which the Depositor (or the Servicer on its behalf) marks on its system that the applicable Receivables have been transferred to the Trust pursuant to this Agreement for the applicable Receivables Transfer Amount (which date shall be an Acquisition Date), each applicable Originator will transfer shall be deemed to have transferred and absolutely assign assigned to the Depositor, ,without recourse (other than such Originator’s obligations under this Agreement), all of such Originator’s right, title and interest, whether then owned or later acquired, in the related Receivables originated by such Originator and the other related Originator Transferred Property. The Administrator, with the assistance of each Originator, will select each pool of Receivables to be transferred and assigned by each Originator and acquired by the Depositor (and subsequently the Trust) on each Acquisition Date, which Receivables will be set forth on the related Schedule of Receivables. In connection with each such transfer and assignment, the Trust (or the Administrator, on behalf of the Trust) will also select the Group to which such Receivables shall be designated and will notify each applicable Originator of such designation on or prior to the related Acquisition Date.