Transfers Intended as Sale; Security Interest. (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales and transfers rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables listed on the Schedule of Receivables and related Third Tier Purchased Assets shall not be treated as property of BAASC’s estate in the event of a bankruptcy or insolvency of BAASC. The sales and transfers by BAASC of the Receivables listed on the Schedule of Receivables and related Third Tier Purchased Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, BAASC, except as otherwise specifically provided herein. The limited rights of recourse specified herein against BAASC are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables.
Appears in 4 contracts
Samples: Third Purchase Agreement (Bank of America Auto Trust 2012-1), Third Purchase Agreement (Bank of America Auto Trust 2012-1), Third Purchase Agreement (Bank of America Auto Trust 2010-2)
