Common use of Transfer of Control to Purchaser Clause in Contracts

Transfer of Control to Purchaser. An Owner of Record may transfer Control of an Authoritative Copy within the System to any other Person who participates in the System. Once a Purchaser has agreed to transfer Control of an eContract, the current Owner of Record will initiate a transfer of Control of the Authoritative Copy. Once the transferee confirms its willingness to accept the Authoritative Copy, the eContract is assigned in accordance with the agreement of the transferor and transferee and Control is transferred to the transferee. The Authoritative Copy of the eContract will then be stored in the transferee’s segment of the Vault. A Non-Authoritative Copy will be stored in the transferor’s segment of the Vault, and the Ownership Record will be updated to reflect the transaction. The transferor may not offer Control of the eContract to any other Person unless and until the outstanding offer is rejected. Dealertrack will have no responsibility for determining when, or whether, consideration for the transfer has been received. The receipt or non-receipt of consideration shall not be relevant to a determination of the Owner of Record on the System.

Transfer of Control to Purchaser. An Owner of Record may transfer Control of an Authoritative Copy within the System to any other Person who participates in the SystemSystem in accordance with this Section. Once a Purchaser has agreed to a transfer of Control of an eContract, the current Owner of Record will initiate a transfer of Control of the Authoritative Copy. Once the transferee confirms its willingness to accept the Authoritative Copy, the eContract is assigned in accordance with the agreement of the transferor and transferee and Control is transferred to the transferee. The Authoritative Copy of the eContract will then be stored in the transferee’s 's segment of the Vault. A Non-Authoritative Copy will be stored in the transferor’s 's segment of the Vault, and the Ownership Record will be updated to reflect the transaction. The transferor may not offer Control of the eContract to any other Person unless and until the outstanding offer is rejected. Dealertrack will have no responsibility for determining when, or whether, consideration for the transfer has been received. The receipt or non-receipt of consideration shall not be relevant to a determination of the Owner of Record on the System.

Transfer of Control to Purchaser. An Owner of Record other than a Dealer may transfer Transfer Control of an Authoritative Copy within the System to any other Person who participates in the SystemParticipant. Once a Purchaser has agreed to transfer Control of an eContract, the current Owner of Record will initiate has initiated a transfer Transfer of Control of the Authoritative Copy. Once , the transferee confirms must confirm its willingness to accept the Authoritative Copy. After receipt of such confirmation, the current Owner of Record confirms the Transfer, the eContract is assigned in accordance with the agreement of the transferor and transferee transferee, and Control is transferred Transferred to the transferee. The Authoritative Copy of the eContract will then be stored in the transferee’s segment of the Vault. A Non-Authoritative Copy will be stored in the transferor’s segment of the Vault, if elected by the transferor at time of Transfer, and the Ownership Record will be updated to reflect the transaction. The transferor may not offer to Transfer Control of the eContract to any other Person unless and until the outstanding offer is rejectedrejected or cancelled by the transferor. Dealertrack will have no responsibility for determining when, or whether, consideration for the transfer Transfer has been received. The receipt or non-receipt of consideration shall not be relevant to a determination of the Owner of Record on the System.

Transfer of Control to Purchaser. An Owner of Record may transfer Control of Transfer an Authoritative Copy within the System to any other Person who participates in the SystemParticipant. Once a Purchaser has agreed to transfer Control of an eContract, the current Owner of Record will initiate has initiated a transfer Transfer of Control of the Authoritative Copy. Once , the transferee confirms must confirm its willingness to accept the Authoritative Copy. After receipt of such confirmation, the current Owner of Record confirms the Transfer, the eContract is assigned in accordance with the agreement of the transferor and transferee and Control is transferred Transferred to the transferee. The Authoritative Copy of the eContract will then be stored in the transferee’s segment of the Vault. A Non-Authoritative Copy will be stored in the transferor’s segment of the Vault, if elected by the transferor at time of Transfer, and the Ownership Record will be updated to reflect the transaction. The transferor may not offer to Transfer Control of the eContract to any other Person unless and until the outstanding offer is rejectedrejected or cancelled by the transferor. Dealertrack will have no responsibility for determining when, or whether, consideration for the transfer Transfer has been received. The receipt or non-receipt of consideration shall not be relevant to a determination of the Owner of Record on the System.