Common use of The Purchases Clause in Contracts

The Purchases. (a) Each Originator hereby sells, transfers, assigns and otherwise conveys to the Purchaser as of the Initial Closing Date without recourse, all of its right, title and interest in and to (i) each Premium Finance Agreement (including the power of attorney included therein) that have an Aggregate Receivable Balance as of the day prior to the Initial Closing Date and which as of its Cut Off Date satisfies the eligibility criteria set forth in the definition of "Eligible Receivables" in the Pooling and Servicing Agreement (the "Initial Receivables"), (ii) the Originator's security interest in the related Unearned Premiums, (iii) all monies due or to become due with respect to each such Initial Receivable on or after its Cut Off Date, including all monies received from insurance companies and state insurance guaranty funds representing returns of Unearned Premiums, the proceeds from any guarantees issued by insurance agents in respect of the Receivables and other charges, refunds and rebates due on such Receivables and, (iv) all proceeds of all of the foregoing (the property described in clauses (i) - (iv) above being, the "Conveyed Property").

The Purchases. (a) Each Originator The Seller hereby sells, transfers, assigns and otherwise conveys to the Purchaser as of the Initial Closing Date without recourse, all of its right, title and interest in and to (i) each Premium Finance Agreement (including the power of attorney included therein) that have an Aggregate Receivable Balance as of the day prior to the Initial Closing Date and which as of its Cut Off Date satisfies the eligibility criteria set forth in the definition of "“Eligible Receivables" ” in the Pooling and Servicing Agreement (the "“Initial Receivables"”), (ii) the Originator's Seller’s security interest in the related Unearned Premiums, (iii) all monies due or to become due with respect to each such Initial Receivable on or after its Cut Off Date, including all monies received from insurance companies and state insurance guaranty funds representing returns of Unearned Premiums, the proceeds from any guarantees issued by insurance agents in respect of the Receivables and other charges, refunds and rebates due on such Receivables and, (iv) all proceeds of all of the foregoing (the property described in clauses (i) - (iv) above being, the "“Conveyed Property"”).

The Purchases. (a) Each Originator hereby sells, transfers, assigns and otherwise conveys to the Purchaser as of the Initial Closing Date without recourse, all of its right, title and interest in and to (i) each Premium Finance Agreement (including the power of attorney included therein) that have an Aggregate Receivable Balance as of the day originated prior to the Initial Closing Date and which set forth in the Receivables Schedule delivered on the Initial Closing Date that as of its Cut Off the Initial Closing Date satisfies the eligibility criteria set forth in the definition of "Eligible ReceivablesReceivable" in the Pooling and Servicing Agreement for transfer to the Trust on the Initial Closing Date (the "Initial ReceivablesINITIAL RECEIVABLES"), (ii) the Originator's security interest in the related Unearned Premiums, (iii) all monies due or to become due with respect to each such Initial Receivable on or after its Cut Off the Initial Closing Date, including all monies received from insurance companies and state insurance guaranty funds representing returns of Unearned Premiums, the proceeds from any guarantees issued by insurance agents in respect of the Receivables and other charges, refunds and rebates due on such Receivables and, and (iv) all proceeds of all of the foregoing (the property described in clauses (i) - (iv) above being, the "Conveyed PropertyCONVEYED PROPERTY").

The Purchases. (a) Each Originator The Seller hereby sells, transfers, assigns and otherwise conveys to the Purchaser as of the Initial Closing Date without recourse, all of its right, title and interest in and to (i) each Premium Finance Agreement (including the power of attorney included therein) that have an Aggregate Receivable Balance as of the day originated prior to the Initial Closing Date and which set forth in the Receivables Schedule delivered on the Initial Closing Date that as of its Cut Off the Initial Closing Date satisfies the eligibility criteria set forth in the definition of "Eligible ReceivablesELIGIBLE RECEIVABLE" in the Pooling and Servicing Agreement Agreement, for transfer to the Trust on the Initial Closing Date (the "Initial ReceivablesINITIAL RECEIVABLES"), (ii) the OriginatorSeller's security interest in the related Unearned Premiums, (iii) all monies due or to become due with respect to each such Initial Receivable on or after its Cut Off the Initial Closing Date, including all monies received from insurance companies and state insurance guaranty funds representing returns of Unearned Premiums, the proceeds from any guarantees issued by insurance agents in respect of the Receivables and other charges, refunds and rebates due on such Receivables andReceivables, (iv) all of the Seller's right, title and interest in and to (but none of its obligations or duties under) the First Tier Receivables Purchase Agreement, and (v) all proceeds of all of the foregoing (the property described in clauses (i) - (ivv) above being, the "Conveyed PropertyCONVEYED PROPERTY").