This PURCHASE AGREEMENT (this Agreement) is made as of June 30, 2020, by and between NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation (the Seller), and NISSAN AUTO RECEIVABLES CORPORATION II, a Delaware corporation (the Purchaser).
WHEREAS, in the regular course of its business, the Seller purchases certain motor vehicle retail installment sale contracts secured by new, near-new and used automobiles and light duty trucks from motor vehicle dealers;
WHEREAS, the Seller is willing to sell a portfolio of receivables arising in connection with such contracts to the Purchaser; and
WHEREAS, the Purchaser desires to purchase such portfolio of receivables.
NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration, and the mutual terms and covenants contained herein, the parties hereto agree as follows:
Terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in the Sale and Servicing Agreement, dated as of the date hereof (the Sale and Servicing Agreement), by and among Nissan Auto Receivables Corporation II, as seller, Nissan Motor Acceptance Corporation, as servicer, Nissan Auto Receivables 2020-B Owner Trust, as issuer, and U.S. Bank National Association, as indenture trustee.
With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to writing include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term including means including without limitation; and the term or is not exclusive.
PURCHASE AND SALE OF RECEIVABLES
2.1 Purchase and Sale of Receivables. On the Closing Date, subject to the terms and conditions of this Agreement, the Seller agrees to sell, transfer, assign and otherwise convey to the Purchaser, without recourse (collectively, the Purchased Assets):
(NAROT 2020-B Purchase Agreement)