Common use of Purchase of the Receivables Trust Certificate Clause in Contracts

Purchase of the Receivables Trust Certificate. (a) The Seller hereby sells, assigns, transfers and conveys to the Purchaser on the Closing Date, on the terms and subject to the conditions specifically set forth herein, all of its right, title and interest, in the Receivables Trust Certificate and all proceeds thereof whether now owned or hereafter acquired and all rights of the Receivables Trust under the Transaction Documents, including but not limited to the right to cause the repurchase of Ineligible Receivables pursuant to such document. (b) The parties to this Agreement intend that the transactions contemplated hereby shall be, and shall be treated as, a purchase by the Purchaser and a sale by the Seller of the Receivables Trust Certificate and not as a lending transaction. The sale by the Seller hereunder shall be without recourse to, or representation or warranty of any kind (express or implied) by, the Seller, except as otherwise specifically provided herein.