Common use of Consummation of Sale and Purchase of Portfolio Clause in Contracts

Consummation of Sale and Purchase of Portfolio. (a) To consummate the sale and purchase of a Portfolio of Eligible Loans, on or before the Scheduled Sale Date, Seller shall deliver to the Trustee on behalf of Purchaser such instruments of transfer, including a xxxx of sale and blanket endorsement, as Purchaser shall reasonably deem necessary for conveyance of title of the Eligible Loans contained in the Portfolio free and clear of all liens, encumbrances and security interests, and, upon receipt by Trustee of such instruments of transfer (which may occur by delivery of facsimile copies to be followed by delivery of the original executed instruments), the Purchaser shall direct and cause the Trustee, on behalf of Purchaser, to pay to Seller on said date the Purchase Price for such Portfolio. The purchase and sale of the Portfolio shall be effective as of the date of the xxxx of sale. Seller shall retain all ownership rights with respect to Eligible Loans in a Portfolio at all times prior to the effective date of the sale of such Portfolio. (b) Unless otherwise agreed by Seller, Purchaser and the Trustee, payment of the Purchase Price for a Portfolio of Eligible Loans shall be made by wire transfer of immediately available funds to Seller or its designated agent, with no offset, deduction, reserve or other holdback by Purchaser or the Trustee.

Consummation of Sale and Purchase of Portfolio. (a) To consummate the sale and purchase of a Portfolio of Eligible Loans, on or before the Scheduled Sale Date, Seller shall deliver to the Trustee on behalf of Purchaser such instruments of transfer, including a xxxx bill of sale and blanket endorsement, as Purchaser shall reasonably deem xxxm necessary for conveyance of title of the Eligible Loans contained in the Portfolio free and clear of all liens, encumbrances and security interests, and, upon receipt by Trustee of such instruments of transfer (which may occur by delivery of facsimile copies to be followed by delivery of the original executed instruments), the Purchaser shall direct and cause the Trustee, on behalf of Purchaser, to pay to Seller on said date the Purchase Price for such Portfolio. The purchase and sale of the Portfolio shall be effective as of the date of the xxxx bill of sale. Seller shall retain all ownership rights with respect to xx Eligible Loans in a Portfolio at all times prior to the effective date of the sale of such Portfolio. (b) Unless otherwise agreed by Seller, Purchaser and the Trustee, payment of the Purchase Price for a Portfolio of Eligible Loans shall be made by wire transfer of immediately available funds to Seller or its designated agent, with no offset, deduction, reserve or other holdback by Purchaser or the Trustee.

Consummation of Sale and Purchase of Portfolio. (a) To consummate the sale and purchase of a Portfolio of Eligible Loans, on or before the Scheduled Sale Date, Seller shall deliver to the Trustee on behalf of Purchaser such instruments of transfer, including a xxxx of sale and blanket endorsement, as Purchaser shall reasonably deem necessary for conveyance of title of the Eligible Loans contained in the Portfolio free and clear of all liens, encumbrances and security interests, and, upon receipt by Trustee of such instruments of transfer (which may occur by delivery of facsimile copies to be followed by delivery of the original executed instruments), the Purchaser shall direct and cause the Trustee, on behalf of Purchaser, to pay to Seller on said date the Purchase Price for such Portfolio. The purchase and sale of the Portfolio shall be effective as of the date of the xxxx of sale. Seller shall retain all ownership rights with respect to Eligible Loans in a Portfolio at all times prior to the effective date of the sale of such Portfolio. Notwithstanding the foregoing, the xxxx of sale with respect to the sale of Eligible Loans in the Portfolio with a Scheduled Sale Date of March 7, 1996 shall be dated as of March 1, 1996, and the effective date of the transfer of that Portfolio shall be March 1, 1996. (b) Unless otherwise agreed by Seller, Purchaser and the Trustee, payment of the Purchase Price for a Portfolio of Eligible Loans shall be made by wire transfer of immediately available funds to Seller or its designated agent, with no offset, deduction, reserve or other holdback by Purchaser or the Trustee.

Consummation of Sale and Purchase of Portfolio. (a) To consummate the sale and purchase of a Portfolio of Eligible Loans, on or before the Scheduled Sale Date, Seller shall deliver to the Trustee on behalf of Purchaser such instruments of transfer, including a xxxx bill of sale and blanket endorsement, as Purchaser shall reasonably deem xxxx necessary for conveyance of title of the Eligible Loans contained in the Portfolio free and clear of all liens, encumbrances and security interests, and, upon receipt by Trustee of such instruments of transfer (which may occur by delivery of facsimile copies to be followed by delivery of the original executed instruments), the Purchaser shall direct and cause the Trustee, on behalf of Purchaser, to pay to Seller on said date the Purchase Price for such Portfolio. The purchase and sale of the Portfolio shall be effective as of the date of the xxxx bill of sale. Seller shall retain all ownership rights with respect to Eligible xx Xligible Loans in a Portfolio at all times prior to the effective date of the sale of such Portfolio. (b) Unless otherwise agreed by Seller, Purchaser and the Trustee, payment of the Purchase Price for a Portfolio of Eligible Loans shall be made by wire transfer of immediately available funds to Seller or its designated agent, with no offset, deduction, reserve or other holdback by Purchaser or the Trustee.