Common use of Conveyance and Delivery of Contracts Clause in Contracts

Conveyance and Delivery of Contracts. (a) With respect to each Contract actually purchased by Purchaser pursuant to this Agreement, Seller, on the Closing Date, shall sell, transfer, assign, endorse, set over, convey, and deliver to Purchaser all right, title, and interest of Seller in, to, and under: (i) the Contracts accepted by Purchaser on such Closing Date, including all payments of principal and interest, lawful late charges, and other similar payments due thereon and accruing after the related Cut-Off Date, and all payments on the Contracts received prior to or after the related Cut-Off Date which have not been applied to the amounts due on the Contracts as of the related Cut-Off Date; (ii) the liens and security interests created by the Contracts, and other rights of Seller arising out of such liens and security interests, in the Financed Vehicles; (iii) the interest of Seller, if any, in all Insurance Policies relating to the Financed Vehicles or the Contracts, (iv) all documents and information contained in the Contract Files and the Servicing Files; (v) the Electronic Ledger; and (vi) all proceeds derived from any of the foregoing. (b) SELLER AND PURCHASER ACKNOWLEDGE AND AGREE THAT THIS AGREEMENT IS AN AGREEMENT FOR THE PURCHASE AND SALE OF CONTRACTS ONLY AND IS NOT A LOAN TRANSACTION AND THAT NO TERM OR PROVISION CONTAINED IN THIS AGREEMENT SHALL BE CONSTRUED TO THE CONTRARY.

Conveyance and Delivery of Contracts. (a) With respect to each Contract actually purchased by Purchaser pursuant to this Agreement, Seller, on the Closing Date, shall sell, transfer, assign, endorse, set over, convey, and deliver to Purchaser all right, title, title and interest of Seller in, to, to and under: (i) the Contracts accepted by Purchaser on such Closing Date, including all payments of principal and interest, lawful late charges, and other similar payments due thereon and accruing after the related Cut-Off Date, and all payments on the Contracts received prior to or after the related Cut-Off Date which have not been applied to the amounts due on the Contracts as of the related Cut-Off Date; (ii) the liens and security interests created by the Contracts, and other rights of Seller arising out of such liens and security interests, in the Financed Vehicles; (iii) the interest of Seller, if any, in all Insurance Policies relating to the Financed Vehicles or the Contracts, (iv) all documents and information contained in the Contract Files and the Servicing Files; (v) the Electronic Ledger; and (vi) all proceeds derived from any of the foregoing. (b) SELLER AND PURCHASER AGREE AND ACKNOWLEDGE AND AGREE THAT THIS AGREEMENT IS AN AGREEMENT FOR THE PURCHASE AND SALE OF CONTRACTS ONLY AND IS NOT A LOAN TRANSACTION AND THAT NO TERM OR PROVISION CONTAINED IN THIS AGREEMENT SHALL BE CONSTRUED TO THE CONTRARY.