Common use of Mandatory Delivery; Grant of Security Interest Clause in Contracts

Mandatory Delivery; Grant of Security Interest. The transfer and delivery on the Closing Date by each Transferor of its Mortgage Loans is mandatory, it being specifically understood and agreed that each Mortgage Loan is unique and identifiable on the date hereof and that an award of money damages would be insufficient to compensate the applicable Transferee for the loss and damages incurred by such Transferee (including damages to prospective purchasers of the Certificates) in the event of such Transferor's failure to deliver the Mortgage Loans on or before the Closing Date. Each Transferor hereby grants to its applicable Transferee a lien on and continuing security interest in each Mortgage Loan and each document and instrument evidencing such Mortgage Loan to secure the performance by such Transferors of their obligations hereunder, and such Transferors agree that it holds each Mortgage Loan in custody for the Transferees subject to the Transferees' (i) right to reject any Mortgage Loan under the terms of this Agreement and (ii) obligation to deliver cash and other consideration as set forth in Section 2.01

Mandatory Delivery; Grant of Security Interest. The transfer and delivery on the Closing Date by each the Transferor of its Mortgage Loans is are mandatory, it being specifically understood and agreed that each Mortgage Loan is unique and identifiable on the date hereof and that an award of money damages would be insufficient to compensate the applicable Transferee for the loss and damages incurred by such the Transferee (including damages to prospective purchasers of the Certificates) in the event of such the Transferor's failure to deliver the Mortgage Loans on or before the Closing Date. Each The Transferor hereby grants to its applicable the Transferee a lien on and continuing security interest in each Mortgage Loan and each document and instrument evidencing such Mortgage Loan to secure the performance by such Transferors the Transferor of their its obligations hereunder, and such Transferors agree the Transferor agrees that it holds each Mortgage Loan in custody for the Transferees Transferee subject to the Transferees' Transferee's (i) right to reject any Mortgage Loan under the terms of this Agreement and (ii) obligation to deliver cash and other consideration as set forth in Section 2.01