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.
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.
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.
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.
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.
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.
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.
