Common use of Purchase of Receivables Clause in Contracts

Purchase of Receivables. (a) (i) Effective on the Initial Cutoff Date, in consideration for the Purchase Price and upon the terms and subject to the conditions set forth in the Existing Agreement, each Originator thereby sold, assigned, transferred, set-over and otherwise conveyed to Buyer, without recourse (except to the extent expressly provided therein), and Buyer thereby purchased from each Originator, all of such Originator’s right, title and interest in and to all Receivables existing as of the close of business on the Initial Cutoff Date (other than the Initial Contributed Receivables) and all Receivables thereafter arising through and immediately prior to the date hereof, together, in each case, with all Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the Initial Cutoff Date Buyer acquired all of each Originators’ right, title and interest in and to all Receivables existing as of the Initial Cutoff Date and thereafter arising through and the date immediately prior to the date hereof, together with all Related Security relating thereto and all Collections thereof. Buyer was obligated to pay the Purchase Price for the Receivables purchased hereunder in accordance with Section 1.3 of the Existing Agreement.

Purchase of Receivables. (a) (i) Effective on the Initial Cutoff Datedate hereof, in consideration for the Purchase Price paid to Originator and upon the terms and subject to the conditions set forth in the Existing Agreementherein, each Originator thereby solddoes hereby sell, assignedassign, transferredtransfer, set-over and otherwise conveyed convey to Buyer, without recourse (except to the extent expressly provided thereinherein), and Buyer thereby purchased does hereby purchase from each Originator, all of such Originator’s right, title and interest in and to all Receivables originated by Originator and existing as of the close of business on the Initial Cutoff Date (other than the Initial Contributed Receivables) and all Receivables thereafter arising originated by Originator through and immediately prior to including the date hereofTermination Date, together, in each case, with all Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the Initial Cutoff Date date hereof Buyer acquired shall acquire all of each Originators’ Originator’s right, title and interest in and to all Receivables existing as of the Initial Cutoff Date (other than the Initial Contributed Receivables) and thereafter arising through and including the date immediately prior to the date hereofTermination Date, together with all Related Security relating thereto and all Collections thereof. Buyer was shall be obligated to pay the Purchase Price for the Receivables purchased hereunder from Originator in accordance with Section 1.3 of the Existing Agreement1.3.

Purchase of Receivables. (a) (i) Effective on the Initial Cutoff Datedate hereof, in consideration for the Purchase Price paid to an Originator and upon the terms and subject to the conditions set forth in the Existing Agreementherein, each such Originator thereby solddoes hereby sell, assignedassign, transferredtransfer, set-over and otherwise conveyed convey to Buyer, without recourse (except to the extent expressly provided thereinherein), and Buyer thereby purchased does hereby purchase from each such Originator, all of such Originator’s right, title and interest in and to all Receivables originated by such Originator and existing as of the close of business on the Business Day immediately prior to the date hereof (the “Initial Cutoff Date (other than the Initial Contributed ReceivablesDate”) and all Receivables thereafter arising originated by such Originator through and immediately prior to including the date hereofTermination Date, together, in each case, with all Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the Initial Cutoff Date date hereof Buyer acquired shall acquire all of each Originators’ Originator’s right, title and interest in and to all of its Receivables existing as of the Initial Cutoff Date and thereafter arising through and including the date immediately prior to the date hereofTermination Date, together with all Related Security relating thereto and all Collections thereof. Buyer was shall be obligated to pay the Purchase Price for the Receivables purchased hereunder from each Originator in accordance with Section 1.3 of the Existing Agreement1.3.