Common use of PURCHASE PRICE; DELIVERY OF PURCHASED CONTRACTS Clause in Contracts

PURCHASE PRICE; DELIVERY OF PURCHASED CONTRACTS. The purchase price for Approved Contracts and Eligible Contracts shall be the Net Balance or such other amount as may from time to time be agreed to in writing by the Cooperative and Statesman. Upon receipt of an Approved Contract or Eligible Contract duly endorsed and all related credit information, and the satisfaction of all the conditions set forth in Article VI hereof, provided no Event of Default shall have occurred and be continuing, and provided Statesman shall not then be entitled to require that the Cooperative repurchase Purchased Contracts under the provisions of Section 3.03 hereof, Statesman shall pay the Cooperative in cash the purchase price for each such Approved Contract or Eligible Contract. Promptly thereafter, the Cooperative will notify each obligor on each such Purchased Contract to make all future payments to Statesman at its Headquarters. The Cooperative authorizes Statesman to insert its name, or the name of any other assignee, in the space provided therefor in the assignment clause of all Purchased Contracts and to return to the Cooperative all Installment Sales Contracts not purchased. Statesman will identify in writing those contracts it agrees to purchase and will return those contracts it declines to purchase. The Cooperative is authorized to cancel the endorsement on each Installment Sales Contract which Statesman does not purchase.

PURCHASE PRICE; DELIVERY OF PURCHASED CONTRACTS. The ----------------------------------------------- purchase price for Approved Contracts and Eligible Contracts shall be the Net Balance or such other amount as may from time to time be agreed to in writing by the Cooperative and Statesman. Upon receipt of an Approved Contract or Eligible Contract duly endorsed and all related credit information, and the satisfaction of all the conditions set forth in Article VI hereof, provided no Event of Default shall have occurred and be continuing, and provided Statesman shall not then be entitled to require that the Cooperative repurchase Purchased Contracts under the provisions of Section 3.03 hereof, Statesman shall pay the Cooperative in cash the purchase price for each such Approved Contract or Eligible Contract. Promptly thereafter, the Cooperative will notify each obligor on each such Purchased Contract to make all future payments to Statesman at its Headquarters. The Cooperative authorizes Statesman to insert its name, or the name of any other assignee, in the space provided therefor in the assignment clause of all Purchased Contracts and to return to the Cooperative all Installment Sales Contracts not purchased. Statesman will identify in writing those contracts it agrees to purchase and will return those contracts it declines to purchase. The Cooperative is authorized to cancel the endorsement on each Installment Sales Contract which Statesman does not purchase.