Sale and Purchase of Contracts. The Parties agree Westlake is under no obligation to purchase any Contracts from Dealer, nor is Dealer under any obligation to sell any Contracts to Westlake. All Contracts must be on forms satisfactory to Westlake, and otherwise acceptable to Westlake. Notwithstanding anything to the contrary in any assignment document executed by Dealer, all Contracts shall be deemed to have been assigned subject to Westlake's right to require repurchase pursuant to Section 6 hereof and as otherwise set forth in this Agreement. Dealer further agrees to abide by the terms of Westlake's policies and program guidelines then in effect at the time of assignment of the Contract. The Parties agree that the purchase of a Contract will occur when Westlake forwards funds to Dealer or credits Dealer's account after receipt and verification of the information provided by Dealer pursuant to Section 2. For each Contract Westlake decides it will purchase, Dealer agrees to execute an assignment of the Contract in a form acceptable to Westlake. Such assignment shall include all of Dealer's right, title, and interest in the Unit, and any guaranties, warranties or other documents executed in connection with the Contract.
Sale and Purchase of Contracts a. NationsCredit may, from time to time, purchase from Dealer such Contracts (as hereinafter defined) offered by Dealer as shall be written on forms satisfactory to NationsCredit and otherwise acceptable to NationsCredit. All such purchases shall be at purchase prices to be determined as provided in Paragraph (c)
Sale and Purchase of Contracts. NFI has sole discretion to determine which Contracts it will purchase from Dealer. The assignment and endorsement of each Contract (“Assignment”) will only occur when NFI disburses funds in the agreed upon Purchase Price to the Dealer and will be governed by the terms and conditions of this Agreement. A Contract purchase has occurred only when NFI has paid the Purchase Price to Dealer, following receipt and verification of Contract information provided by Dealer. For each Contract, Dealer shall execute and deliver to NFI any additional assignment forms required by NFI and shall deliver all other documents required for the purchase of the Contract by NFI (collectively “Required Documents”). The Required Documents shall include, but are not limited to the following:
a) the original executed Contract, properly assigned to NFI and a true and correct copy of all related documents properly executed by Dealer and Buyer(s);
b) original credit application and any other credit information obtained by Dealer as to the Buyer(s), to the extent permitted by law;
c) a copy of the application for title to the motor vehicle, including all attachments, submitted by Dealer to the appropriate governmental agency;
d) a properly executed copy of any Add-on Products and Services sold in connection with the motor vehicle; and,
e) all other documents requested by NFI.
Sale and Purchase of Contracts. 1. On each Business Day ITEC agrees to offer to sell to NFC, to endorse or otherwise assign to NFC, without recourse, except as provided herein, and to deliver to NFC all Retail Contracts, Leases and Wholesale Contracts acquired in the regular course of ITEC’s business on terms which will afford reasonable compensation for the financing services rendered by NFC to ITEC and Dealers in respect of the sale of New International Products, New Goods or Used Goods. NFC in turn agrees, to the extent that it is able to finance such purchases, to purchase such Retail Contracts, Leases and Wholesale Contracts except those, if any, as to which the risk of loss or, in the case of Leases, the residual value is unacceptable to NFC.
2. The obligation on ITEC under this Article II to offer to sell Retail Contracts or Leases shall not be deemed violated if any Retail Contract is offered or sold by ITEC without any recourse to a person other than NFC:
a. After the obligor under the Retail Contract or Lease has in good faith and for purposes of his own, requested the sale of the Retail Contract or Lease by ITEC to such other person, or
b. If the Retail Contract or Lease shall be on terms which would be unacceptable to ITEC if it were not able to offer and sell such Retail Contract or Lease to such other person.
3. ITEC shall sell, transfer, assign, and otherwise convey to NFC without recourse (but without limitations of its obligations in this Agreement), all the right, title and interest of ITEC in and to the Wholesale Contracts, Retail Contracts, and Leases and any proceeds related thereto, including the security interests in the Equipment financed thereunder granted by the related obligors pursuant to the Wholesale Contracts, Retail Contracts and Leases, benefits of any lease assignments, liquidation proceeds, proceeds from any insurance policy, proceeds from any Dealer, and proceeds from any commercial and personal guaranties of an obligor’s performance, with respect to the Wholesale Contracts, Retail Contracts and Leases, and such other items as shall be specified in this Agreement. It is the intention of the parties that the transfer and assignment contemplated by this Agreement shall constitute a sale of the Wholesale Contracts, Retail Contracts and Leases from ITEC to NFC and the beneficial interest in and title to the Wholesale Contracts, Retail Contracts and Leases shall not be part of ITEC’s estate in the event of the filing of a bankruptcy petition by or against I...
Sale and Purchase of Contracts. If the [**] or the [**] have been concluded prior to the Closing Date, the following shall apply:
(i) Upon the terms and subject to the conditions of this Agreement, Seller hereby sells (verkauft), or agrees to cause a Subsidiary to sell (verkaufen), to Buyer by way of an assumption of contract with full discharge of Seller (im Wege der Vertragsübernahme mit befreiender Wirkung) all rights and obligations resulting from (x) the [**], and (y) the [**], and, if the [**] has already been [**] at the Closing Date, all Contracts which have been or will be assumed by Seller and/or the Subsidiaries in connection with the [**] (“[**]”), subject to subsection (ii) below.
(ii) Section 2.1(c) through Section 2.1(e) above shall apply mutatis mutandis on the [**] and the [**].
(iii) Subject to Seller’s obligation pursuant to [**], Buyer shall assume from Seller or the respective Subsidiary with full discharge of Seller or the respective Subsidiary (Schuldübernahme mit befreiender Wirkung) any liabilities and obligations to be performed after the Closing Date of Seller or the respective Subsidiary pursuant to the [**], but not any liabilities with respect to any breach thereof by Seller or its respective Subsidiary.
Sale and Purchase of Contracts. LCU may from time to time purchase Contracts from the Dealer written on forms satisfactory to LCU. All contracts will be purchased at purchase prices determined as provided in this Agreement. Any amounts owed by LCU to the Dealer may be applied at LCU’s discretion to any indebtness of the Dealer to LCU arising under this Agreement or otherwise, and shall secure the performance of Dealer’s obligation to LCU arising under this agreement or otherwise.
Sale and Purchase of Contracts a. CONTRACTS; PROGRAM REQUIREMENTS. Purchaser may, from time to time, in its sole discretion purchase from Dealer such Contracts (as hereinafter defined) offered by Dealer as shall be written on forms satisfactory to Purchaser and otherwise acceptable to Purchaser. For purposes of this Agreement, the term "Contract" shall mean any retail installment contract, conditional sales contract, security agreement or other document providing for the payment by a Buyer of a motor vehicle and secured by a first priority lien or purchase money security interest in that motor vehicle. The term "Vehicle" shall mean the motor vehicle purchased under and securing any Contract, together with any related options and accessories. The term "Buyer" shall mean any person (including an individual or other legal entity) which purchases a motor vehicle from Dealer, including any co-purchaser. Purchaser will from time to time communicate to Dealer the criteria which the Contracts, Vehicles and Buyers must meet in order to make the Contract eligible for purchase by Purchaser. These criteria may include rate information, insurance requirements, Buyer credit qualifications, and so on. Purchaser may communicate this information in the form of one or more "Program Letters", Rate Sheets or otherwise. These requirements are collectively referred to herein as the "Program Requirements". All Contracts purchased by the Purchaser must meet all Program Requirements; but Purchaser retains the sole discretion to decide which Contracts to purchase, even though the Contract may conform to the Program Requirements.
Sale and Purchase of Contracts. The Parties agree Kartec is under no obligation to purchase any Contracts from Dealer, nor is Dealer under any obligation to sell any Contracts to Kartec. All Contracts must be on forms satisfactory to Kartec, and otherwise acceptable to Kartec. Notwithstanding anything to the contrary in any assignment document executed by Dealer, all Contracts shall be deemed to have been assigned subject to Kartec's right to require repurchase pursuant to Section 6 hereof and as otherwise set forth in this Agreement. Dealer further agrees to abide by the terms of Kartec's policies and program guidelines then in effect at the time of assignment of the Contract. The Parties agree that the purchase of a Contract will occur when Kartec forwards funds to Dealer or credits Dealer's account after receipt and verification of the information provided by Dealer pursuant to Section 2. For each Contract Kartec decides it will purchase, Dealer agrees to execute an assignment of the Contract in a form acceptable to Kartec. Such assignment shall include all of Dealer's right, title, and interest in the Unit, and any guaranties, warranties or other documents executed in connection with the Contract.
Sale and Purchase of Contracts. FSF may purchase Contracts offered by Dealer, if acceptable to FSF, at discounted purchase prices to be determined by using the FSF Loan Purchase Worksheet.
Sale and Purchase of Contracts. The Parties agree SEAF is under no obligation to purchase any Contracts from Dealer, nor is Dealer under any obligation to sell any Contracts to SEAF. All Contracts must be on forms satisfactory to SEAF, and otherwise acceptable to SEAF. Notwithstanding anything to the contrary in any assignment document executed by Dealer, all Contracts shall be deemed to have been assigned subject to SEAF 's right to require repurchase pursuant to Section 6 hereof and as otherwise set forth in this Agreement. Dealer further agrees to abide by the terms of SEAF 's policies and program guidelines then in effect at the time of assignment of the Contract. The Parties agree that the purchase of a Contract will occur when SEAF forwards funds to Dealer or credits Dealer's account after receipt and verification of the information provided by Dealer pursuant to Section 2. For each Contract SEAF decides it will purchase, Dealer agrees to execute an assignment of the Contract in a form acceptable to SEAF. Such assignment shall include all of Dealer's right, title, and interest in the Unit, and any guaranties, warranties or other documents executed in connection with the Contract.
