Common use of Conditions Precedent to Purchases Clause in Contracts

Conditions Precedent to Purchases. In addition to the --------------------------------- foregoing, each Purchase of Pool Receivables is subject to the following statements being true on the date of such Purchase: (i) the representations and warranties of the Seller contained in Section 4.01 are correct on and as of such date as though made on and as of such date; and (ii) no event has occurred and is continuing, or would result from such Purchase, which constitutes an Event of Termination hereunder. The Seller, by accepting the proceeds of the Purchase Price for a Purchase, shall be deemed to have certified to the Purchaser the satisfaction of the foregoing conditions precedent. Upon the date of the initial Purchase under the ▇▇▇▇▇▇ Agreement, with respect to the Pool Receivables conveyed on such date and thereafter on payment of the Purchase Price for any Purchase, title to such Purchase shall vest in the Purchaser, whether or not the conditions precedent to such Purchase were in fact satisfied.