Common use of Vesting of Ownership Clause in Contracts

Vesting of Ownership. (i) Effective on and as of each Purchase Date, the Purchasers shall own the Purchaser Interests sold by MRFC hereunder on such Purchase Date. MRFC shall not take any action inconsistent with such ownership and shall not claim any ownership interest in such Purchaser Interests. (ii) MRFC shall indicate in its Records that interests in the Transferred Receivables have been sold hereunder and that ownership of such interests is vested in the Administrative Agent on behalf of the Purchasers. In addition, MRFC shall respond to any inquiries with respect to the ownership of any Transferred Receivable (to the extent that it is obligated to respond) by stating that interests therein have been sold hereunder and that ownership of such interests is vested in the Purchasers. MRFC and the Master Servicer shall hold all Contracts and other documents relating to such Transferred Receivables in trust for the benefit of the Administrative Agent on behalf of the Purchasers, as the owner thereof, and for the sole purpose of facilitating the servicing of such Transferred Receivables. MRFC and the Master Servicer each hereby acknowledge that its retention and possession of such Contracts and documents shall at all times be at the sole discretion of the Administrative Agent and in a custodial capacity for the Administrative Agent’s (on behalf of the Purchasers) benefit only.