Common use of Interest Conveyed Clause in Contracts

Interest Conveyed. The Initial Member shall convey all of its right, title and interest in and to each Loan. In the event a foreclosure occurs after the Cut-Off Date, or occurred on or before the Cut-Off Date, but the Redemption Period had not expired on or before the Cut-Off Date, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with the net proceeds, if any, of such foreclosure sale. If the Initial Member was the purchaser at such foreclosure sale, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with a quitclaim deed to the property purchased at such foreclosure sale. The Company acknowledges and agrees that the Company shall not acquire any interest in or to any such property which was foreclosed by the Initial Member or any of its predecessors-in-interest on or before the Cut-Off Date and for which the Redemption Period, if any, had expired on or before the Cut-Off Date.

Interest Conveyed. The Initial Member shall convey all of its right, title and interest in and to each Loan. In the event a foreclosure occurs after the Cut-Off Date, or occurred on or before the Cut-Off Date, but the Redemption Period had not expired on or before the Cut-Off Date, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with the net proceeds, if any, of such foreclosure sale. If the Initial Member was the purchaser at such foreclosure sale, the Initial Member shall convey to the Company the Deficiency Balance, if any, together with a quitclaim special warranty deed to the property purchased at such foreclosure sale. The Company acknowledges and agrees that the Company shall not acquire any interest in or to any such property which was foreclosed by the Initial Member or any of its predecessors-in-interest on or before the Cut-Off Date and for which the Redemption Period, if any, had expired on or before the Cut-Off Date.