Common use of Purchase of Contracts Clause in Contracts

Purchase of Contracts. Subject to the terms and conditions of this Agreement during the Term, MFS shall have the option, but not the obligation, in its sole discretion on a case by case basis, to purchase all of SELLER'S rights, title and interest in and to the Contracts submitted by SELLER to MFS. Upon the execution of a Contract, SELLER shall provide to MFS the Contract/Credit Application. Upon receipt thereof, MFS shall review the Contract/Credit Application and shall notify SELLER whether it elects to exercise its option to purchase such Contract by delivery of written notice to SELLER within ten (10) days after MFS's receipt of the Contract/Credit Application. If MFS exercises its right to purchase a Contract, SELLER shall submit a Final Contract/Credit Application to MFS. MFS's obligation to purchase any Contracts shall be conditioned upon MFS's receipt of a complete Final Contract/Credit Application with respect thereto in form and substance acceptable to MFS. In no event shall MFS assume or be delegated any of SELLER's duties, responsibilities, liabilities or obligations to the Customer under any Contract and SELLER shall remain liable therefor notwithstanding an assignment of a Purchased Contract to MFS. The parties agree that MFS shall be entitled to directly receive and retain any and all amounts due and payable under the Purchased Contracts. All Purchased contracts shall be sold to MFS subject to the representations, warranties, covenants, agreements, terms and conditIons set forth in this Agreement, and shall be accompanied by an Irrevocable Assignment, substantially in the form attached hereto as Exhibit A, SELLER acknowledges and agrees that MFS shall be entitled to elect not to purchase or service any Contract for any reason whatsoever in its sole and absolute discretion.

Purchase of Contracts. Subject to the terms and conditions of this Agreement during the Term, MFS Household shall have the option, but not the obligation, in its sole discretion on a case by case basis, be obligated to purchase the prospective Contract(s) identified in a Confirmation, provided that (i) all conditions set forth in the Confirmation are met; (ii) the contract meets all of SELLER'S rights, title the Basic Credit Guidelines and interest the Company has provided all of the Required Documents; and (iii) the Contract is funded by Company prior to expiration of the Confirmation. If Company does not fund a prospective Contract and fulfill all conditions set forth in and to the Contracts submitted by SELLER to MFS. Upon the execution of a Contract, SELLER shall provide to MFS the Contract/Credit Application. Upon receipt thereof, MFS shall review the Contract/Credit Application and shall notify SELLER whether it elects to exercise its option to purchase such Contract by delivery of written notice to SELLER preceding paragraph within ten forty-five (1045) days after MFSof Company's receipt of the Contract/Credit Application. If MFS exercises its right Confirmation, the Confirmation shall expire, and Household shall have no obligation to purchase the Loan. Upon expiration of a Confirmation, Company shall be free to sell or offer to sell the subject Contract to any other person. In the absence of a Confirmation issued by Household with respect to a Contract, SELLER shall submit a Final Contract/Credit Application to MFS. MFS's obligation Household is not obligated to purchase any Contracts shall be conditioned upon MFS's receipt Contract offered for sale by Company. Household will purchase a Contract only under the following circumstances: (i) Household has agreed to purchase the prospective Contract under the terms contained in Section 2.1 of this Agreement; (ii) Company has delivered to Household the originals of the Contract and all properly completed Required Documents related to such Contract in a complete Final Contract/Credit Application with respect thereto commercially reasonable time, in form and substance acceptable to MFS. In no event to exceed forty five (45) days after Household's credit approval; (iii) and all other requirements that must be met in order for Household to purchase the Contract have been satisfied including all of the requirements of the Basic Credit Guidelines; (iv) Company has complied with the provisions of this Agreement, and is not in default of this Agreement; and (v) no scheduled payments have been received by the Obligor under the Contract. Household shall MFS assume or be delegated any pay Company the Purchase Price in the manner, and by the time limits set forth in Exhibit I. Upon receipt by Company of SELLER's dutiesthe Purchase Price for a Contract, responsibilities, liabilities or obligations to Company shall assign the Customer under any Contract and SELLER shall remain liable therefor notwithstanding an assignment of a Purchased all rights, benefits, payments, proceeds and obligations from the Contract, together with any lien or security interest in the Vehicle serving as security for the Contract to MFS. The parties agree that MFS shall be entitled to directly receive and retain any and all amounts due and payable Household All Contracts sold under the Purchased Contracts. All Purchased contracts this Agreement shall be sold on a servicing released basis without recourse to MFS subject to Company, except for the representations, warranties, covenants, agreements, terms covenants and conditIons agreements set forth in this Agreement. Any waiver of these requirements by Household in purchasing one or more Contracts will not apply to future transactions. Household may refuse to purchase any Contract if all of Household's requirements for purchase are not satisfied in a timely manner. The sale of a Contract by Company to Household pursuant to this Agreement also constitutes an assignment to Household of all rights and interests that Company has at any time regarding the Contract, including not limited to, the lien in the related Vehicle, the ownership of the Contract and related documents, the right under insurance policies issued for the benefit of the related Vehicle or the Obligor. To further this assignment, Company agrees to complete, execute and deliver to Household a continuing and blanket assignment of all of the Contracts purchased and to be purchased in the future by Household ("Blanket Assignment"); which Assignment shall be accompanied by an Irrevocable Assignment, substantially in the form attached hereto as Exhibit A, SELLER acknowledges and agrees that MFS shall be entitled to elect not to purchase or service any Contract for any reason whatsoever in its sole and absolute discretion.C.

Purchase of Contracts. Subject to the terms and conditions of this Agreement during the Term, MFS shall have the option, but not the obligation, in its sole discretion on a case by case basis, to purchase all of SELLER'S rights, (including payment rights), title and interest in and to the Contracts submitted by SELLER to MFS. Upon the execution With respect to Contracts in electronic form, a Contract will be deemed to be “submitted” to MFS when such Contract is listed in MFS’s data base stored on a SQL Server 2000 located in a secured room at 0000 Xxxxxxx xx xx Xxxxx, Xxxxxxxxx, XX 00000. With respect to all other Contracts, a Contract will be deemed to be “submitted to MFS when such Contract is received by MFS. With respect to each Contract which SELLER wishes to submit to MFS, upon Authentication of each such Contract by a ContractCustomer and SELLER’s processing and receipt of at least one (1) payment with respect to each such Contract(s), SELLER shall provide to MFS the Contract/Credit Applicationapplicable Contract Documentation together with the notice(s) to the applicable credit card company(ies) instructing all payments to be made directly to MFS. Upon receipt thereof, MFS shall review the Contract/Credit Application Contract Documentation and shall notify SELLER whether it elects to exercise its option to purchase such Contract by delivery of written notice to SELLER within ten (10) days after MFS's receipt of the Contract/Credit Application. If MFS exercises its right to purchase a Contract, SELLER shall submit a Final Contract/Credit Application to MFSContract Documentation. MFS's obligation to purchase any Contracts shall be conditioned upon MFS's receipt of a complete Final Contract/Credit Application Contract Documentation with respect thereto to a submitted Contract in form and substance acceptable consistent with Exhibit A. If such Contract Documentation is in electronic form, MFS and SELLER intend for MFS to MFShave exclusive control over the Contract subject to the terms and limitations set forth in this Agreement. In no event shall MFS assume or be delegated any of SELLER's duties, responsibilities, liabilities or obligations to the Customer under any Contract and SELLER shall remain liable therefor therefore notwithstanding an assignment of a Purchased Contract to MFS. The Subject to the terms and limitations set forth in this Agreement, the parties agree that MFS shall be entitled to directly receive and retain any and all amounts due and payable under the Purchased Contracts. All Purchased contracts Contracts shall be sold to MFS subject to the representations, warranties, covenants, agreements, terms and conditIons conditions set forth in this Agreement, and shall be accompanied by an Irrevocable Assignmentirrevocable assignment, substantially in the form attached hereto as Exhibit A, SELLER acknowledges and agrees that MFS shall be entitled to elect not to purchase or service any Contract for any reason whatsoever in its sole and absolute discretion.B.