Common use of Direct Transfers Clause in Contracts

Direct Transfers. (a) For purposes of this Agreement, PHF shall be considered to have (i) acquired Relinquished Property from the Exchangor and transferred it to the Buyer thereof in each case where such Relinquished Property is in fact transferred by the Exchangor directly to such Buyer pursuant to the relevant Relinquished Property Agreement in accordance with Section 2.2, and (ii) acquired Replacement Property from the Seller thereof and transferred it to the Exchangor in each case where the Replacement Property is in fact transferred by such Seller directly to the Exchangor pursuant to the relevant Replacement Property Agreement in accordance with Section 2.3, in each case as provided by Sections 1.1031(k)-1(g)(4)(iv) and (v) of the Treasury Regulations. (b) The Exchangor and PHF agree that, as described in the preceding paragraph, all Relinquished Property and Replacement Property shall be transferred directly from the Exchangor to the applicable Buyer or directly from the applicable Seller to the Exchangor, as the case may be. As a result, PHF shall not (i) take possession of, (ii) hold legal title to, or (iii) be the owner of, any Relinquished Property or Replacement Property.

Direct Transfers. (a) For purposes of this Agreement, PHF the QI shall be considered to have (i1) acquired Relinquished Property from the Exchangor and transferred it to the Buyer thereof in each case where such Relinquished Property is in fact transferred by the Exchangor directly to such Buyer pursuant to the relevant Relinquished Property Agreement in accordance with Section 2.22.2 hereof (notwithstanding the fact that the QI may sell and/or pledge certain receivables arising upon any such transfer of Relinquished Property to a Master Exchange Lender or a Manufacturer Receivables Purchaser, as a Buyer, pursuant to a Master Exchange Financing Agreement or a Manufacturer Receivables Transfer Agreement), and (ii2) acquired Replacement Property from the Seller thereof and transferred it to the Exchangor in each case where the Replacement Property is in fact transferred by such Seller directly to the Exchangor pursuant to the relevant Replacement Property Agreement in accordance with Section 2.32.4 hereof, in each case as provided by Sections 1.1031(k)-1(g)(4)(iv) and (v) of the Treasury Regulations. (b) . The Exchangor and PHF the QI agree that, as described in the preceding paragraph, all Relinquished Property and Replacement Property shall be transferred directly from the Exchangor to the applicable Buyer or directly from the applicable Seller to the Exchangor, as the case may be. As a result, PHF the QI shall not (i1) take possession of, (ii2) hold legal title to, or (iii3) be the owner of, any Relinquished Property or Replacement Property.