Purchase of Receivables. (a) Effective on the date hereof, in consideration for the Purchase Price and upon the terms and subject to the conditions set forth herein, Originator does hereby sell, assign, transfer, set-over and otherwise convey to Buyer, without recourse (except to the extent expressly provided herein), and Buyer does hereby purchase from Originator, all of Originator's right, title and interest in and to all Receivables existing as of the close of business on the Business Day immediately prior to the date hereof and all Receivables thereafter arising through and including the Termination Date, together, in each case, with all Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the date hereof Buyer shall acquire all of Originator's right, title and interest in and to all Receivables existing as of the close of business on the Business Day immediately prior to the date hereof and thereafter arising through and including the Termination Date, together with all Related Security relating thereto and all Collections thereof. Buyer shall be obligated to pay the Purchase Price for the Receivables purchased hereunder in accordance with Section 1.2. In connection with consummation of the Purchase Price for any Receivables purchased hereunder, Buyer may request that Originator deliver, and Originator shall deliver, such approvals, opinions, information, reports or documents as Buyer may reasonably request.
Purchase of Receivables. (a) The Seller hereby sells, assigns, transfers and conveys to the Purchaser on the Closing Date, on the terms and subject to the conditions specifically set forth herein, all of its right, title and interest in, (i) all rights (but not any obligations) to, in and under each Contract, including all Receivables related thereto and all Collections received thereon after the Cut-Off Date, reflected on the Schedule of Receivables set forth on Exhibit A attached hereto, (ii) all Related Security, (iii) all products and proceeds of the foregoing, including, without limitation, insurance proceeds, and (iv) all Recoveries relating thereto.
Purchase of Receivables. (a) Effective on the date hereof, in consideration for the Purchase Price paid to Originator and upon the terms and subject to the conditions set forth herein, Originator does hereby sell, assign, transfer, set-over and otherwise convey to Buyer, without recourse (except to the extent expressly provided herein), and Buyer does hereby purchase from Originator, all of Originator’s right, title and interest in and to all Receivables originated by Originator and existing as of the close of business on the Initial Cutoff Date (other than the Initial Contributed Receivables) and all Receivables thereafter originated by Originator through and including the Termination Date, together, in each case, with all Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the date hereof Buyer shall acquire all of Originator’s right, title and interest in and to all Receivables existing as of the Initial Cutoff Date (other than the Initial Contributed Receivables) and thereafter arising through and including the Termination Date, together with all Related Security relating thereto and all Collections thereof. Buyer shall be obligated to pay the Purchase Price for the Receivables purchased hereunder from Originator in accordance with Section 1.3.
Purchase of Receivables. If any covenants of the Servicer under Section 3.04(a)(viii), (ix) or (x) has not been complied with in all material respects with respect to any Eligible Receivable or Account in the Pool of Accounts and such noncompliance has a material adverse effect on the interests of Securityholders or any other Interested Parties in such Receivable or such Account, the Servicer shall purchase such Receivable (or, in the case of a breach affecting less than the entire principal amount of a Receivable, to the extent of the breach) or all Eligible Receivables under such Account (each, an "Administrative Receivable") from the Issuer, on the terms and conditions set forth in this Section 3.04.
Purchase of Receivables. Purchase Receivables solely in accordance with the Receivables Sale Agreement or this Agreement.
Purchase of Receivables. Upon receipt of the list of Eligible Receivables pursuant to Section 2.1, the Master Servicer, in its sole discretion, will confirm which of the Eligible Receivables offered by Seller that the Purchaser will Purchase. The Purchase of such Receivables shall occur upon payment of the Advance Amount. Upon Purchase of the Receivables, Seller shall be deemed to have sold, transferred, assigned, set over and conveyed to Purchaser, without recourse except as expressly provided herein, all of Seller’s right, title and interest in and to the Purchased Receivables. The Seller shall not take any action inconsistent with such ownership and shall not claim any ownership in any Purchased Receivable. The Seller shall indicate in its Records that ownership interest in any Purchased Receivable is held by the Purchaser. In addition, the Seller shall respond to any inquiries with respect to ownership of a Purchased Receivable by stating that it is no longer the owner of such Purchased Receivable and that ownership of such Purchased Receivable is held by the Purchaser. Documents relating to the Purchased Receivables shall be held in trust by the Seller and the Subservicer, for the benefit of the Purchaser as the owner of the Purchased Receivables, and possession of any Required Information relating to the Purchased Receivables so retained is for the sole purpose of facilitating the servicing of the Purchased Receivables and carrying out the terms of this Agreement. Such retention and possession is at the will of the Purchaser and in a custodial capacity for the benefit of the Purchaser only.
Purchase of Receivables. Section 4.1. The Bank shall pay a Purchase Price to the Company for the Purchased Receivables sold to the Bank, equal to the Agreed Base Value less any other amounts owing to the Bank hereunder. With respect to the payment of Discount by the Company, the Bank has agreed that Discount will be payable in arrears in installments on each Settlement Date. The “Discount” will equal the product of (1) the Agreed Base Value of the Purchased Receivables to be purchased on such date, (2) the applicable LIBOR plus, the Margin (computed on the basis of a 360-day year), and (3) a fraction the numerator of which is the weighted average number of days until Purchased Receivables are due and the denominator of which is 360. Notwithstanding the foregoing, for only the initial purchase hereunder, Discount shall be calculated using Cost of Funds (computed on the weighted average tenor of the Purchased Receivables) and not the applicable LIBOR. Two Business Days prior to each Settlement Date, the Bank shall determine the applicable LIBOR for the subsequent Settlement Period. The Company shall be entitled, to the extent collected by the Company, to receive and retain, an amount equal to Collections on the Purchased Receivables in excess of the Agreed Base Value of such Purchased Receivables, such amounts to first be applied to the delivery to the Company of any Trade Credit Amounts due to the Company, as applicable, with the remainder of such amounts to be paid to the Company as a servicing fee. Without limiting the liability and obligations of the Company hereunder, the Bank shall be entitled to offset against and deduct from such excess all amounts owing by the Company to the Bank under this Agreement and the Transaction Documents. So long as the Company is acting as servicer for the Purchased Receivables, the Company will be entitled to retain such excess (less such offsets and deductions) as the Purchased Receivables are collected. Should the Bank terminate the Company’s appointment as servicer, the Bank will pay to the Company such excess over and above the amounts which the Bank is entitled to offset, upon collection of all amounts owing in respect of the Purchased Receivables. The parties agree that the calculation of Agreed Base Value of Purchased Receivables included Trade Credit Amounts which the Approved Debtors have historically been entitled to receive if certain conditions in the future are met. To the extent that such Approved Debtors are not entitled to receive...
Purchase of Receivables. Purchase Receivables solely in accordance with the Origination Agreements.
Purchase of Receivables. Statesman may from time to time, at its option upon the terms and subject to the conditions contained in this Agreement, purchase Receivables from the Cooperative, provided that Statesman has determined in its sole and absolute discretion that such Receivables are acceptable to it (which acceptable Receivables are herein referred to as the "Eligible Receivables"), and in no event shall Statesman purchase Receivables if after such purchase the aggregate amount owing on all Receivables purchased by Statesman from the Cooperative shall exceed TWO HUNDRED MILLION DOLLARS ($200,000,000). All such purchases shall be made without recourse to the Cooperative except so far as Statesman shall have the right to make charges to the Reserve Account as provided in Section 2.05, and nothing contained herein shall obligate Statesman to purchase any Receivables.
Purchase of Receivables. (a) Upon the terms and subject to the conditions hereof, Buyer hereby agrees to purchase, and Originator hereby agrees to sell, all of Originator’s right, title and interest in and to all of the Receivables (each such transaction, a “Purchase”). On the date of the initial Purchase from Originator, Buyer shall purchase, and Originator shall sell, transfer and convey, all of Originator’s right, title and interest in and to all Receivables then outstanding, together with all Related Security relating thereto and all Collections thereof. On each Business Day thereafter until the Termination Date, Buyer shall purchase, and Originator shall sell, transfer and convey, all of Originator’s right, title and interest in and to all Receivables which were not previously purchased by Buyer hereunder, together in each case with all Related Security relating thereto and all Collections thereof. Prior to making the initial Purchase hereunder, Buyer may request of Originator, and Originator shall deliver, such approvals, opinions, information, reports or documents as Buyer may reasonably request.
