Ownership of Receivables and Related Security Sample Clauses

Ownership of Receivables and Related Security. On each Purchase Date, after giving effect to the Purchase (and any contribution of Receivables) on such date, the Purchaser shall own all Receivables originated by the Seller as of such date (including Receivables which have been previously sold or contributed to the Purchaser hereunder). The Purchase or contribution of any Receivable shall include all Related Security with respect to such Receivable.
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Ownership of Receivables and Related Security. On each Purchase Date, after giving effect to each purchase or contribution of Receivables, the Buyer shall own the Transferred Receivables. The acquisition of any Receivable shall include all rights to, but not the obligations under, all Related Security with respect to such Receivable and all Collections with respect thereto and other proceeds of such Receivable and Related Security.
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Ownership of Receivables and Related Security. On each Purchase Date, after giving effect to the Purchase and/or contribution on such date, the Purchaser shall own all Receivables originated or acquired by the Seller as of such date (including Receivables which have been previously sold or contributed to the Purchaser hereunder). The Purchase or contribution of any Receivable shall include all Related Security and proceeds (as defined in Article 9 of the UCC) with respect to such Receivable.
Sample 1
Ownership of Receivables and Related Security. It is the intention of the parties hereto that the Purchase of Receivables made hereunder shall constitute a sale of “accounts” (as such term is used in Article 9 of the UCC), which sale is absolute and irrevocable and provides Buyer with the full benefits of ownership of the Receivables. Except for the Purchase Price Credits owed pursuant to Section 1.3, each sale of Receivables hereunder is made without recourse to any Originator; provided, however, that (i) each Originator shall be liable to Buyer for all representations, warranties and covenants made by such Originator pursuant to the terms of the Transaction Documents to which such Originator is a party, and (ii) such sale does not constitute and is not intended to result in an assumption by Buyer or any assignee thereof of any obligation of the applicable Originator or any other Person arising in connection with the Receivables, the related Contracts and/or other Related Security or any other obligations of such Originator. In view of the intention of the parties hereto that the Purchase of Receivables made hereunder shall constitute a sale of such Receivables rather than loans secured thereby, each Originator agrees that it will, on or prior to the date hereof and in accordance with Section 4.1(e)(ii), xxxx its master data processing records relating to the Receivables with a legend acceptable to Buyer and to the Administrative Agent (as Buyer’s assignee), evidencing that Buyer has purchased such Receivables as provided in this Agreement (or, if any master data processing records cannot be marked with a legend, xxxx the related physical records with such a stamped legend no less frequently than monthly) and to note in its financial statements that its Receivables have been sold to Buyer. Each Originator will execute and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate to perfect and maintain the perfection of Buyer’s ownership interest in the Receivables and the Related Security and Collections with respect thereto, or as Buyer or the Administrative Agent (as Buyer’s assignee) may reasonably request.
Sample 1
Ownership of Receivables and Related Security. On each Purchase Date, after giving effect to each purchase, SPX shall own the Receivables. The purchase of any Receivable shall include all Related Security SPX Purchase and Contribution Agreement with respect to such Receivable and all Collections with respect thereto and other proceeds of such Receivable and Related Security.
Sample 1
Ownership of Receivables and Related Security. On each Purchase --------------------------------------------- Date, after giving effect to each Purchase, the Purchaser shall own the Purchased Receivables which [Purchase and Contribution Agreement] been identified according to the procedure described in subsection (c) above. The Purchase of any Receivable shall include all Related Security with respect to such Receivable.
Sample 1
Ownership of Receivables and Related Security. On each Payment Date, after giving effect to each Purchase and each contribution of Receivables on such date, the Company shall own all Receivables originated and/or acquired by Originator as of such date (including Receivables which have been previously sold or contributed to the Company hereunder). The Purchase or contribution of any Receivable shall include all Related Security with respect to such Receivable.
Sample 1
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Related to Ownership of Receivables and Related Security

  • Sale of Receivables Each of the Seller and the Depositor is, as of the time of the transfer to the Purchaser of each Receivable being sold to the Purchaser by it hereunder on the Closing Date, the sole owner of such Receivable free from any Lien other than those released at or prior to such transfer. There is no effective financing statement (or similar statement or instrument of registration under the law of any jurisdiction) now on file or registered in any public office filed by or against any Originator, the Seller or any Subsidiary of any Originator or the Seller or purporting to be filed on behalf of any Originator, the Seller or any Subsidiary of any Originator or the Seller covering any interest of any kind in any Contracts and related Receivables and any Originator and the Seller will not execute nor will there be on file in any public office any effective financing statement (or similar statement or instrument of registration under the laws of any jurisdiction) or statements relating to such Contracts and related Receivables, except (i) in each case any financing statements filed in respect of and covering the purchase of the Contracts and related Receivables by the Purchaser or filed in connection with the Transaction Documents and (ii) financing statements for which a release of Lien has been obtained or that has been assigned to the Purchaser or the Trustee. All filings and recordings (including pursuant to the UCC) required to perfect the title of the Purchaser in each Contract or related Receivable sold hereunder have been accomplished and are in full force and effect, or will be accomplished and in full force and effect prior to the time required in clause (iii) of Section 3.1, and the Seller shall at its expense perform all acts and execute all documents necessary or reasonably requested by the Purchaser, the Receivables Trust, the Issuer or the Trustee at any time and from time to time to evidence, perfect, maintain and enforce the title or the security interest of the Purchaser or the Receivables Trust in the Contracts and related Receivables and the priority thereof.

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