Further Encumbrance of Receivables and Other Conveyed Property. (a) Immediately upon the conveyance to the Purchaser by Seller of the Related Receivables and any item of the related Other Conveyed Property pursuant to Section 2.1 and the related Transfer Instrument, all right, title and interest of Seller in and to such Related Receivables and Other Conveyed Property shall terminate, and all such right, title and interest shall vest in the Purchaser. (b) Immediately upon the vesting of any Related Receivables and the related Other Conveyed Property in the Purchaser, the Purchaser shall have the sole right to pledge or otherwise encumber such Related Receivables and the related Other Conveyed Property. Pursuant to the Loan Agreement, the Purchaser shall grant a security interest in the Collateral to secure the repayment of the Loan and the other Secured Obligations.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Manchester Inc), Sale and Servicing Agreement (Manchester Inc)
Further Encumbrance of Receivables and Other Conveyed Property. (a) Immediately upon the conveyance to the Purchaser by Seller of the Related Receivables and any item of the related Other Conveyed Property pursuant to Section 2.1 and the related Transfer InstrumentAssignment, all right, title and interest of Seller in and to such Related Receivables and Other Conveyed Property shall terminate, and all such right, title and interest shall vest in the Purchaser.
(b) Immediately upon the vesting of any Related Receivables and the related Other Conveyed Property in the Purchaser, the Purchaser shall have the sole right to pledge or otherwise encumber such Related Receivables and the related Other Conveyed Property. Pursuant to the Loan Credit Agreement, the Purchaser shall grant has granted a security interest in the Collateral Related Receivables and the Other Conveyed Property to secure the repayment of the Loan Revolving Loans and the other Secured Obligations.
Appears in 2 contracts
Samples: Receivables Purchase Agreement (Nicholas Financial Inc), Receivables Purchase Agreement (Consumer Portfolio Services Inc)
Further Encumbrance of Receivables and Other Conveyed Property. (a) Immediately upon the conveyance to the Purchaser by the Seller of the Related Receivables and any item of the related Other Conveyed Property pursuant to Section SECTION 2.1 and the related Transfer InstrumentAssignment, all right, title and interest of the Seller in and to such Related Receivables and Other Conveyed Property shall terminate, and all such right, title and interest shall vest in the Purchaser.
(b) Immediately upon the vesting of any Related Receivables and the related Other Conveyed Property in the Purchaser, the Purchaser shall have the sole right to pledge or otherwise encumber such Related Receivables and the related Other Conveyed Property. Pursuant to the Loan AgreementIndenture, the Purchaser shall grant a security interest in the Collateral to the Trustee for the benefit of the Noteholder to secure the repayment of the Loan and the other Secured ObligationsNote.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Consumer Portfolio Services Inc)