Common use of PAYMENT, TRANSFER AND CUSTODY Clause in Contracts

PAYMENT, TRANSFER AND CUSTODY. (a) On the Initial Purchase Date for each Transaction, ownership of the Purchased Assets shall be transferred to Buyer (and possession of the related Purchased Asset Documents shall be transferred to the Custodian) against the simultaneous transfer of the Initial Purchase Price to the Funding Account. On each Subsequent Purchase Date, as part of the same Transaction that occurred on the Initial Purchase Date, Buyer will purchase (i) the related increase in the related Mortgage Note resulting from Seller’s Subsequent Advance to or for the benefit of the related Mortgagor, or (ii) the amount re-advanced by Seller under the terms of the applicable Purchased Asset Documents, in each case subject to the terms and conditions of Section 3(k).