Contract Purchases Sample Clauses
Contract Purchases. 2.1 Dealer shall provide Carfinco, in connection with each Contract proposed to be entered into by Dealer and to be sold to Carfinco hereunder, the proposed terms of the Contract, a credit application of the Purchaser and any guarantor in a form approved by Carfinco, and such other available information as Carfinco may request.
2.2 Following the receipt of the documentation described in Article 2.1, Carfinco shall, within five (5) Business Days, provide written notice to Dealer specifying either:
(1) the Base Price Carfinco is prepared to pay Dealer in respect of such Contract, or;
(2) that Carfinco is not prepared to purchase such Contract.
2.3 If, following receipt of Carfinco's notice pursuant to Article 2.2 in respect of a proposed Contract, Dealer wishes to sell such Contract to Carfinco:
(1) Dealer shall deliver to Carfinco, within five (5) Business Days following receipt of such notice:
(a) a duly executed original of the Contract, having the terms specified pursuant to Article 2.1, together with a duly executed original of any guarantee of the Contract;
(b) a copy of the duly executed of the ▇▇▇▇ of Sale from Dealer in respect of the Subject Vehicle;
(c) proof of the Purchaser's insurance covering damage, destruction and theft of the Subject Vehicle, including collision insurance with a maximum $750 deductible (or minimum Provincial requirement if higher than $750); and
(d) copies of all other documents, instruments and agreements and business records relating to the Contract, the Subject Vehicle or the sale of the Subject Vehicle by Dealer;
(2) upon such deliveries, this Agreement shall operate, without further act or formality, as the sale, assignment and transfer to Carfinco of the Contract and any guarantee thereof, and all rights and benefits of Dealer thereunder, including all right, title and interest of Dealer in and to the Subject Vehicle; and
(3) unless, within five (5) Business Days following receipt of the documentation referred to in (1) above, Carfinco raises any objection to such documentation or any breach of any representation, warranty or covenant pursuant to Article 3.1(4) with respect to such Contract or any guarantee thereof, Carfinco shall pay to Dealer the Base Price of such Contract as specified in the notice referred to in Article 2.2 above. If Carfinco raises any objection or breach pursuant to (3) above, the provisions of (2) above, and the obligation of Carfinco to pay Dealer any amounts pursuant to (3) above, shall be d...
Contract Purchases. (a) This Agreement shall become effective with respect to any Purchased Contract automatically upon the Purchase Date on which the Purchaser purchases such Purchased Contract under the applicable Sale Agreement and the Servicer shall begin the servicing functions, on behalf of the Purchaser, on the terms and conditions set forth herein with respect to such Purchased Contract from and after each such Purchase Date.
(b) On each Purchase Date on which the Purchaser purchases Purchased Property under the Sale Agreements, the Seller shall deliver a schedule of the Purchased Contracts and the related Contract Files to the Servicer. Upon receipt of such schedule of Purchased Contracts and the related Contract Files, the Servicer shall deliver to the Purchaser and the Seller a custodial receipt with respect to such Purchased Contracts and the related Contract Files, in accordance with the requirements of the applicable Sale Agreement. The Servicer shall keep a current List of Contracts reflecting all Purchased Contracts serviced by the Servicer. The Servicer’s Portfolio and Settlement Report will be deemed to modify the List of Contracts to reflect the addition or removal of Purchased Property in accordance with this Agreement for each month after the Effective Date.
Contract Purchases. The Company's obligations hereunder to purchase and ------------------ pay for Contracts and other Transferred Assets on any Contract Grant Date are subject to the fulfillment of the following conditions:
(i) The Company shall have received (a) the Credit Agreement executed by all the parties thereto and (b) all conditions to lending set forth in Section 3.01 and 3.02 of the Credit Agreement shall have been fulfilled, to --------------------- the extent they are capable of being fulfilled prior to the performance by the Company of its obligations under this Agreement, and a certificate to such effect delivered by the Company pursuant to the Credit Agreement shall be conclusive for purposes of this Agreement;
(ii) The representations and warranties of the Seller, FCI, FMB and the VB Subsidiaries made herein and the Seller as Servicer under the Credit Agreement shall be true and correct in all material respects on the Effective Restatement Date.
(iii) The representations and warranties of Seller made herein and as Servicer in the Credit Agreement shall be true and correct in all material respects on the Contract Grant Date.