Common use of Assignment of Asset Interests Clause in Contracts

Assignment of Asset Interests. Seller hereby sells, assigns and transfers to the Administrative Agent (for the ratable benefit of the Purchasers according to their Capital as increased or reduced from time to time hereunder), effective as of the Closing Date and each Business Day thereafter until the Final Payout Date, an undivided ownership interest in all of the Seller’s right, title and interest in, to and under all of the following, whether now or hereafter owned, existing or arising: (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii) all Collections with respect to such Pool Receivables and (iv) all proceeds of the foregoing (Administrative Agent’s undivided ownership interest in such assets for the benefit of the Purchasers is herein called the “Asset Interest”). Such sales, assignments and transfers by the Seller on the Closing Date and each Business Day thereafter until the Final Payout Date shall, in each case, occur and be deemed to occur for all purposes in accordance with the terms hereof automatically without further action, notice or consent of any party.