Timing of Purchases and Contributions. (a) Closing Date Purchases and Contributions. Each Originator’s entire right, title and interest in (i) each Receivable that existed and was owing to such Originator on the Closing Date for such Originator and (ii) all Related Rights with respect thereto automatically shall be deemed to have been sold or contributed, as applicable, by such Originator to the Company on the Closing Date.
Timing of Purchases and Contributions. All Receivables existing at the opening of each Originator’s business on the Closing Date are hereby sold or contributed, as applicable, to its Related SPE on such date in accordance with the terms hereof. On and after the Closing Date until the Purchase Termination Date, each Receivable shall be deemed to have been sold or contributed by each Originator to its Related SPE immediately (and without further action by any Person) upon the creation or acquisition of such Receivable. The Related Assets with respect to each Receivable shall be sold or contributed at the same time as such Receivable, whether such Related Assets exist at such time or arise, are acquired or are originated thereafter. The Lease Device with respect to each Lease Receivable shall be contributed at the same time as the sale and/or contribution of the Lease Receivables arising under the related Lease Contract.
Timing of Purchases and Contributions. (a) On the Initial Purchase Date each Seller shall sell to the Purchaser and the Purchaser shall purchase from each Seller, pursuant to this Agreement, all of the Sellers' right, title and interest in, to and under (i) each Receivable (other than in the case of FMC, the Initial Contributed Receivables) that existed and was owing to each such Seller as of the close of business on the Initial Cut-Off Date, and (ii) all Related Security and Collections with respect thereto.
Timing of Purchases and Contributions. All Receivables existing at the opening of each Originator’s business on the Closing Date are hereby sold or contributed, as applicable, to its Related SPE on such date in accordance with the terms hereof. On and after the Closing Date until the Purchase Termination Date, each Receivable shall be deemed to have been sold or contributed by each Originator to its Related SPE immediately (and without further action by any Person) upon the creation or acquisition of such Receivable. The Related Assets with respect to each Receivable shall be sold or contributed at the same time as such Receivable, whether such Related Assets exist at such time or arise, are acquired or are originated thereafter. The Lease Device with respect to each Lease Receivable and each MTM Lease Receivable shall be contributed at the same time as the sale and/or contribution of the Lease Receivables or the MTM Lease Receivables, as applicable, arising under the related Lease Contract.
Timing of Purchases and Contributions. Originator's entire right, title ------------------------------------- and interest in each Receivable that existed and was owing to Originator as of the close of Originator's business on March 16, 1998 (the "Closing Date") shall ------------ be deemed to have been sold and/or contributed to the Company on such date. After the Closing Date, each Receivable created or purchased by Originator shall be purchased (or, if such Receivable is designated as being contributed by Originator to the Company pursuant to Section 2.1, acquired) and owned by the ----------- Company (without any further action) upon the creation of such Receivable or the purchase thereof by the Originator. The Related Property with respect to each Receivable (and proceeds of such Receivable and Related Property) shall be sold and/or contributed at the same time as such Receivable, whether such Related Property (or proceeds) exist at such time or arise or are acquired thereafter.
Timing of Purchases and Contributions. (a) Initial Purchase Date Purchase; No Liens or Claims on Receivables or Related Rights. On the Initial Purchase Date under the Receivables Purchase Agreement, each of the Originators shall sell to the SPV Purchaser, and the SPV Purchaser shall purchase, pursuant to Section 1.1, such Originator's entire right, title and interest in, to and under (i) each Receivable (other than Receivables designated on the Purchase Report as Initial Contributed Receivables) that existed and was owing to such Originator as of the close of such Originator's business on the Initial Cut-Off Date, and (ii) all Related Rights with respect thereto. Each Originator agrees, acknowledges, confirms and covenants that the Receivables purchased by the SPV Purchaser hereunder on the Initial Purchase Date from such Originator shall be owned by the SPV Purchaser, free and clear of any Lien or claim of such Originator or any other party or Person, except any Lien arising hereunder or under the Receivables Purchase Agreement.
Timing of Purchases and Contributions
