Purchase of Credit Card Assets Clause Samples

Purchase of Credit Card Assets. On the Closing Date, the Bank shall purchase and acquire from the Sellers, and the Sellers shall sell, assign, transfer, convey and deliver to the Bank, all of the Sellers' right, title and interest in and to the Credit Card Assets, except for the Excluded Assets, as of the Cut-off Time, free and clear of all Liens other than Permitted Liens. Notwithstanding any provision to the contrary in this Agreement or any agreement or document executed in connection with this Agreement, the Bank shall not be deemed to have purchased or acquired, and the Sellers shall not be deemed to have transferred or assigned any of the Sellers' right, title or interest in and to, any of the Excluded Assets. Any Excluded Assets delivered by the Sellers to the Bank, and any payment made with respect to any Excluded Asset, shall be held by the Bank in trust for the Sellers and shall be promptly returned to the Sellers.