Common use of SALES AND PURCHASES Clause in Contracts

SALES AND PURCHASES. 1.1 Dealer shall, from time to time, sell, transfer, and assign to company, in accordance with this Agreement, chattel paper (hereafter "Contracts") including, but not limited to, purchase money security agreements and/or retail installment contracts as Company, in its sole discretion, shall elect to purchase. The Contracts will arise from the credit sale by Dealer of motor vehicles, accessories, service contracts, credit life and disability insurance, and related items. 1.2 Dealer agrees that all Contracts shall be executed only on forms approved by Company. 1.3 Company shall have the right, at all times, to refuse to purchase any and all Contracts offered for sale by Dealer. 1.4 Company may offer to purchase any Contract offered on a "without recourse". "with recourse" or "limited recourse" basis. The form of assignment on the Contract shall govern the terms of recourse. The term "with recourse" means that the assignment to Company is conditioned on the Purchaser's complete performance of every duty imposed under the Contract and that the risk of loss remains with Dealer until the Purchaser completes performance of the Contract. If the Purchaser does not completely perform a Contract assigned on a "with recourse" basis at any time, Company may require Dealer to repurchase the Contract for the amount then owing. The term "without recourse" means that the assignment to Company is not conditioned on the Purchaser's performance of the Contract and that the risk of loss on the Contract rests with Company, except as otherwise provided in this Agreement and in the warranty terms of the Contract. The term "limited recourse" means that the assignment to Company is conditioned on the Purchaser's performance of the Contract for the time and/or on the terms indicated in the assignment section of the Contract. If the Purchaser fails to perform a Contract on a "limited recourse" basis for the time and/or on the terms indicated in the assignment section of the Contract, Company at any time may require Dealer to repurchase the Contract for the amount then owing. After the Purchaser has met the terms indicated in the assignment section of the Contract, an assignment on a "limited recourse" basis shall be treated as an assignment on a "without recourse" basis. Notwithstanding any provision of this Agreement, or any assigned Contract to the contrary, the warranty and breach provisions of this Agreement and the assigned Contract shall control over the terms of assignment.

SALES AND PURCHASES. 1.1 Dealer shall, from time to time, sell, transfer, and assign to companyCompany, in accordance with this Agreement, chattel paper (hereafter "Contracts") including, but not limited to, purchase money security agreements and/or retail installment contracts as Company, in its sole discretion, shall elect to purchase. The Contracts will arise from the credit sale by Dealer of motor vehicles, accessories, service contracts, credit life and disability insurance, and related items. 1.2 Dealer agrees that all Contracts shall be executed only on forms approved by Company. 1.3 Company shall have the right, at all times, to refuse to purchase any and all Contracts offered for sale by Dealer. 1.4 Company may offer to purchase any Contract offered on a "without recourse". , "with recourse" or "limited recourse" basis. The form of assignment on the Contract shall govern the terms of recourse. The term "with recourse" means that the assignment to Company is conditioned on the Purchaser's complete performance of every duty imposed under the Contract and that the risk of loss remains with Dealer until the Purchaser completes performance of the Contract. If the Purchaser does not completely perform a Contract assigned on a "with recourse" basis at any time, Company may require Dealer to repurchase the Contract for the amount then owing. The term "without recourse" means that the assignment to Company is not conditioned on the Purchaser's performance of the Contract and that the risk of loss on the Contract rests with Company, except as otherwise provided in this Agreement and in the warranty terms of the Contract. The term "limited recourse" means that the assignment to Company is conditioned on the Purchaser's performance of the Contract for the time and/or on the terms indicated in the assignment section of the Contract. If the Purchaser fails to perform a Contract on a "limited recourse" basis for the time and/or on the terms indicated in the assignment section of the Contract, Company at any time may require Dealer to repurchase the Contract for the amount then owing. After the Purchaser has met the terms indicated in the assignment section of the Contract, an assignment on a "limited recourse" basis shall be treated as an assignment on a "without recourse" basis. Notwithstanding any provision of this Agreement, or any assigned Contract to the contrary, the warranty and breach provisions of this Agreement and the assigned Contract shall control over the terms of assignment.

SALES AND PURCHASES. 1.1 Dealer shall, from time to time, sell, transfer, and assign to companyCompany, or seek approval on behalf of the buyer and receive proceeds there of, in accordance with this Agreementagreement, chattel paper (hereafter "Contracts"“Contract”) including, but not limited to, purchase money security agreements and/or and /or retail installment contracts as Company, in its sole discretion, shall elect to purchase. The Contracts will arise from the credit sale by Dealer of motor vehicles, accessories, service contracts, credit life and disability insurance, and related items. 1.2 Dealer agrees that all Contracts shall be executed only on forms approved by Company. 1.3 Company shall have the right, at all times, to refuse to purchase any and all Contracts offered for sale by Dealer. 1.4 Company may offer to purchase any Contract offered on a "“without recourse". "”, “with recourse" ” or "“limited recourse" ” basis. The form of assignment on the Contract shall govern the terms of recourse. The term "“with recourse" ” means that the assignment to Company is conditioned on the Purchaser's ’s complete performance of every duty imposed under the Contract and that the risk of loss remains with Dealer until the Purchaser completes performance of the Contract. If the Purchaser does not completely perform a Contract assigned on a "“with recourse" ” basis at any time, Company may require Dealer to repurchase the Contract for the amount then owing. The term "“without recourse" ” means that the assignment to Company is not conditioned on the Purchaser's ’s performance of the Contract and that the risk of loss on the Contract rests with Company, except as otherwise provided in this the Agreement and in the warranty terms of the Contract. The term "“limited recourse" ” means that the assignment to Company is conditioned on the Purchaser's ’s performance of the Contract for the time and/or and /or on the terms indicated in the assignment section of the Contract. If the Purchaser fails to perform a Contract on a "“limited recourse" ” basis for the time and/or on the terms indicated in the assignment section of the Contract, Company at any time may require Dealer to repurchase the Contract for the amount then owing. After the Purchaser purchaser has met the terms indicated in the assignment section of the Contract, an assignment on a "“limited recourse" ” basis shall be treated as an assignment on a "“without recourse" basis. Notwithstanding ” basis notwithstanding any provision of this Agreement, or of any assigned Contract to the contrary, the warranty and breach provisions of this Agreement and the assigned Contract shall control over the terms of assignment.