Common use of Absolute Assignment Clause in Contracts

Absolute Assignment. Immediately prior to a Purchase hereunder, for accounting purposes, the Seller will treat all of the Receivables and Leased Vehicles as its own property, and will account for the purchase, assignment or transfer of any such Receivable or Leased Vehicle pursuant to this Agreement as a purchase or absolute assignment of its right, title and ownership interest in such Receivable or Leased Vehicle and the Seller has not in any other manner accounted for or treated the transactions under this Agreement, except that such transactions shall be treated as debt for tax purposes.