Common use of Loan Put to Department Clause in Contracts

Loan Put to Department. The Putable Loans sold and purchased pursuant to a Xxxx of Sale as of any Put Date (other than with respect a Put Event under clauses (iv) and (v) of the definition thereof) shall be selected by each Funding Note Issuer at random (in the manner specified in the related Funding Note Purchase Agreement) and allocated by the Conduit Administrator, pro rata, with respect to each Funding Note then owned by the Conduit as of such Put Date. The Putable Loans sold and purchased pursuant to a Xxxx of Sale as of any Put Date with respect a Put Event under clause (iv) of the definition thereof shall be selected by the applicable Funding Note Issuer at random (in the manner specified in the related Funding Note Purchase Agreement). Notwithstanding anything to the contrary, each pool of Putable Loans sold and purchased pursuant to such Xxxx of Sale must include either all or none of the Loans made to any related Borrower (i.e. “by account”). For the avoidance of doubt, the failure of any Person to comply with its obligations related to the allocation procedures described in this Section 4E shall not excuse or relieve the Department from its obligation to purchase Putable Loans pursuant to the Put Option.

Loan Put to Department. The Putable Loans sold and purchased pursuant to a Xxxx Bill of Sale as of any Put Date (other than with respect a Put Event under clauses (iv) and (v) of the definition thereof) shall be selected by each Funding Note Issuer at random (in the manner specified in the related Funding Note Purchase Agreement) and allocated by the Conduit Administrator, pro rata, with respect to each Funding Note then owned by the Conduit as of such Put Date. The Putable Loans sold and purchased pursuant to a Xxxx Bill of Sale as of any Put Date with respect a Put Event under clause (iv) of the definition thereof shall be selected by the applicable Funding Note Issuer at random (in the manner specified in the related Funding Note Purchase Agreement). Notwithstanding anything to the contrary, each pool of Putable Loans sold and purchased pursuant to such Xxxx Bill of Sale must include either all or none of the Loans made to any related Borrower (i.e. “by account”). For the avoidance of doubt, the failure of any Person to comply with its obligations related to the allocation procedures described in this Section 4E shall not excuse or relieve the Department from its obligation to purchase Putable Loans pursuant to the Put Option.