Common use of Effect of Payment of Initial Purchase Price or Fulfilment of Conditions Clause in Contracts

Effect of Payment of Initial Purchase Price or Fulfilment of Conditions. The parties hereto acknowledge that the effect of either the payment to the Seller by the Mortgages Trustee of the Initial Purchase Price on the relevant Assignment Date or, if no Initial Purchase Price is payable on such date, the confirmation from the Seller of the fulfilment of the conditions referred to in Clauses 4.2 (Conditions to Effecting an Assignment of New Mortgage Loans) and the delivery to the Security Trustee of the documents referred to in Clause 4.4 (Closing and Conditions Precedent) on such date, will be the assignment to the Mortgages Trustee of the beneficial ownership of, and all of the Seller's beneficial right, title, interest and benefit in and to, the New Mortgage Portfolio subject to the terms and provisions of the Mortgages Trust Deed, which assignment will be perfected upon the occurrence of any of the events set forth in Clause 6 (Perfection of the Assignment) and the transfer to the Mortgages Trustee of legal title to such New Mortgage Portfolio in accordance with Clause 6 (Perfection of the Assignment).

Effect of Payment of Initial Purchase Price or Fulfilment of Conditions. The parties hereto acknowledge that the effect of either the payment to the Seller by the Mortgages Trustee of the Initial Purchase Price on the relevant Assignment Date or, if no Initial Purchase Price is payable on such date, the confirmation from the Seller of the fulfilment of the conditions referred to in Clauses 4.2 (Conditions to Effecting an Assignment of New Mortgage Loans) and the delivery to the Security Trustee of the documents referred to in Clause 4.4 (Closing and Conditions Precedent) on such date, will be the assignment and transfer to the Mortgages Trustee of the beneficial ownership of, and all of the Seller's beneficial right, title, interest and benefit in and to, the New Mortgage Portfolio subject to the terms and provisions of the Mortgages Trust Deed, which assignment and transfer will be perfected upon the occurrence of any of the events set forth in Clause 6 (Perfection of the Assignment) and the transfer and assignation to the Mortgages Trustee of legal title to such New Mortgage Portfolio in accordance with Clause 6 (Perfection of the Assignment).