Authorization of the Certificates. Concurrently with the sale of the Transferred Assets to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee, at the direction of the Seller, shall cause (a) a single Book-Entry Certificate to be executed on behalf of the Issuer, authenticated and delivered in the name of Cede & Co. or (b) a single Definitive Certificate to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Seller. The Certificate shall represent 100% of the Percentage Interest in the Issuer and shall be fully paid and nonassessable.
Appears in 2 contracts
Sources: Trust Agreement (Santander Drive Auto Receivables Trust 2014-4), Trust Agreement (Santander Drive Auto Receivables Trust 2014-4)