Common use of Sale and Purchase of Contracts Clause in Contracts

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.