Common use of Payment of the Purchase Proceeds Clause in Contracts

Payment of the Purchase Proceeds. Subject to the conditions set forth in Section 2.07, and in consideration for the Mortgage Loan Package to be purchased by the Purchaser on the related Closing Date, the Purchaser shall pay to Indymac on such Closing Date the Purchase Proceeds by wire transfer of immediately available funds to the account designated by Indymac on or before the Funding Deadline.