Common use of Guaranty of Collection Clause in Contracts

Guaranty of Collection. REPURCHASE OBLIGATION 29 Section 6.1. Guaranty of Collection; Setoff 29 Section 6.2. Ineligible Receivables 30 Section 6.3. Repurchase Limitations 30 Section 6.4. Retransfer of Sale Assets 30 ARTICLE VII. ADDITIONAL RIGHTS AND OBLIGATIONS IN RESPECT OF THE SALE ASSETS 31 Section 7.1. Rights of the Buyer 31 ARTICLE VIII. ADMINISTRATION AND SERVICING OF CONTRACTS 31 Section 8.1. Designation of the Servicer 31 Section 8.2. Duties of the Servicer 32 Section 8.3. Authorization of the Servicer 33 Section 8.4. Collection of Payments; Accounts 33 Section 8.5. Realization Upon Defaulted Receivables 34 Section 8.6. Servicing Compensation 35 Section 8.7. Payment of Certain Expenses by the Servicer 35 Section 8.8. Reports 35 Section 8.9. Annual Statement as to Compliance 35 Section 8.10. Servicer Resignation; Termination 36 Section 8.11. Appointment of Successor Servicer 36 ARTICLE IX. INDEMNIFICATION 37 Section 9.1. Indemnification by the Seller 37 ARTICLE X. MISCELLANEOUS 38 Section 10.1. Amendments and Waivers 38 Section 10.2. Notices, Etc 38 Section 10.3. Limitation of Liability 39 Section 10.4. Binding Effect; Benefit of Agreement 39 Section 10.5. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE 39 Section 10.6. WAIVER OF JURY TRIAL 39 Section 10.7. Costs, Expenses and Taxes 39 Section 10.8. Recourse Against Certain Parties 40 Section 10.9. Protection of Right, Title and Interest in the Sale Assets; Further Action Evidencing the Purchase 40 Section 10.10. Execution in Counterparts; Severability; Integration 41 Section 10.11. Heading and Exhibits 42 Section 10.12. Confidentiality 42 Section 10.13. Assignment 43 Section 10.14. No Waiver; Cumulative Remedies 43 Section 10.15. Termination 43 Section 10.16. Survival of Certain Provisions 43 ANNEX A Notice Addresses SCHEDULE I Approved Dealers SCHEDULE II Approved Purchase and Sale Agreements SCHEDULE III Form of Closed-End Consumer Contracts SCHEDULE IV Form of Open-Ended Consumer Contracts SCHEDULE V Credit and Collection Policy SCHEDULE VI Approved Lockbox Bank and Account SCHEDULE VII Form of Voucher EXHIBIT A Form of Promissory Note (Portfolio A) EXHIBIT B Form of Promissory Note (Portfolio B) EXHIBIT C Form of Sale Assignment EXHIBIT D Form of Servicer’s Certificate APPENDIX A Condition Precedent Documents THIS PURCHASE AND SALE AGREEMENT (such agreement as amended, modified, supplemented or restated from time to time, the “Agreement”) is dated as of February 13, 2009, by and between FAIR FINANCE COMPANY, an Ohio corporation, ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, a natural person, and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, a natural person, as the sellers, and CLST ASSET III, LLC, Delaware limited liability company, as the buyer (the “Buyer”).