Common use of Effect of Payment of Purchase Price Clause in Contracts

Effect of Payment of Purchase Price. Upon the payment of the Purchase Price (whether in cash or by an increase in the principal amount outstanding under an Initial Purchaser Note or a reduction of an Originator Note) for any purchase of Pool Receivables and Related Rights, title to such Pool Receivables and Related Rights shall vest in the Initial Purchaser, whether or not the conditions precedent to such purchase were in fact satisfied; provided that the Initial Purchaser shall not be deemed to have waived any claim it may have under this Agreement for the failure by an Originator in fact to satisfy any such condition precedent.