Common use of Contract Purchases Clause in Contracts

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 deemed to be of no force or effect, and Carfinco shall return to Dealer all documentation referred to in (1) above and shall have no obligation to purchase such Contract; provided that Carfinco's failure to raise any objection or breach pursuant to (3) above shall not affect any other right or remedy of Carfinco relating thereto. 2.4 For greater certainty, Carfinco shall not be obligated to purchase any Contract or Contracts from Dealer.

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, If Dealer wishes to sell such a 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 unless Carfinco raises any objection to the documentation referred to in (1) above, Carfinco raises any objection to such documentation Article 2.1 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 Adjusted Price of such Contract as specified in the notice referred to in Article 2.2 aboveContract. 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 deemed to be of no force or effect, and Carfinco shall return to Dealer all documentation referred to in (1) above and shall have no obligation to purchase such Contract; provided that Carfinco's ’s failure to raise any objection or breach pursuant to (3) above shall not affect any other right or remedy of Carfinco relating thereto. 2.4 2.3 For greater certainty, Carfinco shall not be obligated to purchase any Contract or Contracts from Dealer.