Common use of Payments Pursuant to Sale to Investor Clause in Contracts

Payments Pursuant to Sale to Investor. Borrower shall direct each Investor purchasing a Pledged Mortgage Loan to pay directly to Lender, by wire transfer of immediately available funds, the purchase price set forth in the applicable Purchase Commitment. In addition, Borrower shall provide Lender with a Purchase Advice relating to such payment. Borrower shall not attempt to modify or otherwise change the wire instructions for payment of the purchase price provided to Investor by Lender or Custodian. Lender shall apply all amounts received for the account of Borrower in accordance with Section 3.5(b)(ii) above. Lender may reject any amount received from an Investor and not release the related Pledged Mortgage Loan if (a) Lender does not receive a Purchase Advice in respect of any wire transfer or (b) such funds are not sufficient to pay all principal, interest and other costs relating to such Pledged Mortgage Loan owed by Borrower to Lender. If the amount received from the Investor does not equal or exceed all principal, interest and other costs owed by Borrower relating to such Pledged Mortgage Loan, Lender may deduct such amounts from the Over/Under Account or demand payment of such amount from Borrower. If Borrower receives any funds intended for Lender, Borrower shall hold such funds in trust for Lender and immediately pay to Lender all such amounts by wire transfer of immediately available funds.

Payments Pursuant to Sale to Investor. Borrower shall direct each Investor purchasing a Pledged Mortgage Loan to pay directly to Lender, by wire transfer of immediately available funds, the purchase price set forth in the applicable Purchase Commitment. In addition, Borrower shall provide Lender with a Purchase Advice relating to such payment. Borrower shall not attempt to modify or otherwise change the wire instructions for payment of the purchase price provided to Investor by Lender or Custodian. Lender shall apply all amounts received for the account of Borrower in accordance with Section 3.5(b)(ii) above. Lender may reject any amount received from an Investor and not release the related Pledged Mortgage Loan if (a) Lender does not receive a Purchase Advice in respect of any wire transfer or transfer; (b) such funds are not sufficient to pay all principal, interest and other costs relating to such Pledged Mortgage Loan owed by Borrower to Lender; or (c) Lender reasonably determines that acceptance of such funds and release of the Mortgage Loan to the Investor is not in the best interest of Lender. If the amount received from the Investor does not equal or exceed all principal, interest and other costs owed by Borrower relating to such Pledged Mortgage Loan, Lender may deduct such amounts from the Over/Under Account or demand payment of such amount from Borrower. If Borrower receives any funds intended for Lender, Borrower shall hold such funds in trust for Lender and immediately pay to Lender all such amounts by wire transfer of immediately available funds.

Payments Pursuant to Sale to Investor. Borrower shall direct each Investor purchasing a Pledged Mortgage Loan to pay directly to Lender, by wire transfer of immediately available funds, the purchase price set forth in the applicable Purchase Commitment. In addition, Borrower shall provide Lender with a Purchase Advice relating to such payment. Borrower shall not attempt to modify or otherwise change the wire instructions for payment of the purchase price provided to Investor by Lender or Custodian. Lender shall apply all amounts received for the account of Borrower in accordance with Section 3.5(b)(ii) above. Lender may reject any amount received from an Investor and not release the related Pledged Mortgage Loan if (a) Lender does not receive a Purchase Advice in respect of any wire transfer or transfer; (b) an Event of Default has occurred and such funds are not sufficient to pay all principal, interest and other costs relating to such Pledged Mortgage Loan owed by Borrower to Lender; or (c) an Event of Default has occurred and Lender determines that acceptance of such funds and release of the Mortgage Loan to the Investor is not in the best interest of Lender. If the amount received from the Investor does not equal or exceed all principal, interest and other costs owed by Borrower relating to such Pledged Mortgage Loan, Lender may deduct such amounts from the Over/Over/ Under Account or demand payment of such amount from Borrower. If Borrower receives any funds intended for Lender, Borrower shall hold such funds in trust for Lender and immediately pay to Lender all such amounts by wire transfer of immediately available funds. If no Event of Default has occurred, and full compliance with the terms of Section 3.5 b (ii) have been met, Lender will apply full payment to line reduction.

Payments Pursuant to Sale to Investor. Borrower shall direct each Investor purchasing a Pledged Mortgage Loan to pay directly to Lender, by wire transfer of immediately available funds, the purchase price set forth in the applicable Purchase Commitment. In addition, with the exception of Mortgage Loans pledged to Countrywide's Correspondent Lending Division, Borrower shall provide Lender with a Purchase Advice relating to such payment. Borrower shall not attempt to modify or otherwise change the wire instructions for payment of the purchase price provided to Investor by Lender or Custodian. Lender shall apply all amounts received for the account of Borrower in accordance with Section 3.5(b)(iiSECTION 3.5(B)(II) above. Lender may reject any amount received from an Investor and not release the related Pledged Mortgage Loan if (a) Lender does not receive a Purchase Advice in respect of any wire transfer or (b) such funds are not sufficient to pay all principal, interest and other costs relating to such Pledged Mortgage Loan owed by Borrower to Lender. ; If the amount received from the Investor does not equal or exceed all principal, interest and other costs owed by Borrower relating to such Pledged Mortgage Loan, Lender may deduct such amounts from the Over/Under Account or demand payment of such amount from Borrower. If Borrower receives any funds intended for Lender, Borrower shall hold such funds in trust for Lender and immediately pay to Lender all such amounts by wire transfer of immediately available funds.