Common use of Special Purpose Corporation Clause in Contracts

Special Purpose Corporation. The Receivables Subsidiary was formed for the purpose of purchasing, and receiving contributions of, receivables from each of the Borrowers (other than Furniture Brands) and their respective Restricted Subsidiaries, and selling such receivables to, or obtaining secured loans from, the Receivables Purchasers, pursuant to the Receivables Facility and except in connection with the foregoing (and activities reasonably incidental thereto), the Receivables Subsidiary engages in no business activities and has no significant assets or liabilities and shall in no event purchase receivables from any Unrestricted Subsidiary.

Special Purpose Corporation. The Receivables Subsidiary was formed for the purpose of purchasing, and receiving contributions of, receivables from each of the Borrowers (other than Furniture Brands) and their respective Restricted Subsidiariesany Subsidiary Guarantor, and selling such receivables to, or obtaining secured loans from, the Receivables PurchasersPurchasers (or to the Master Trust created pursuant to the Receivables Facility), pursuant to the Receivables Facility and except in connection with the foregoing (and activities reasonably incidental thereto), the Receivables Subsidiary engages in no business activities and has no significant assets or liabilities and shall in no event purchase receivables from any Unrestricted Subsidiary.

Special Purpose Corporation. The Receivables Subsidiary was formed for the purpose of purchasing, and receiving contributions of, receivables from each of the Borrowers (other than Furniture BrandsINTERCO) and their respective Restricted Subsidiaries, and selling such receivables to, or obtaining secured loans from, the Receivables Purchasers, pursuant to the Receivables Facility and except in connection with the foregoing (and activities reasonably incidental thereto), the Receivables Subsidiary engages in no business activities and has no significant assets or liabilities and shall in no event purchase receivables from any Unrestricted Subsidiary.