Common use of Purchase and Conveyance Clause in Contracts

Purchase and Conveyance. The Purchaser will purchase all Mortgage Loans approved for funding by the Purchaser under Purchaser’s mortgage loan purchase program and pursuant to the term of this Agreement and the Exhibits attached hereto. On or prior to the Closing Date, the Seller shall receive a Purchase Advice. Upon such receipt, the Seller shall sell, transfer, assign, set over and convey to the Purchaser, without recourse, but subject to the representations, warranties, terms and provisions of this Agreement, all the right, title and interest of the Seller in and to the related Mortgage Loans as being sold by it, together with the related Mortgage Files and all rights and obligations arising under the documents contained therein. With respect to each Mortgage Loan purchased, the Purchaser shall own and be entitled to receive: (a) all scheduled principal due after the Cut-off Date, (b) all other payments and/or recoveries of principal collected on or after the Cut-off Date (provided, however, that all scheduled payments of principal due on or before the Cut-off Date whether or not collected as of the Cut-off Date shall belong to the Seller) and (c) all payments of interest on the Mortgage Loans net of the Servicing Fee (minus that portion of any such interest payment that is allocable to the period prior to the Cut-off Date) and the LPMI Fee, if applicable.

Purchase and Conveyance. The Purchaser will purchase all Mortgage Loans approved Seller, in exchange for funding the payment of the applicable Purchase Price by the Purchaser under Purchaser’s mortgage loan purchase program and pursuant to on the term of this Agreement and the Exhibits attached hereto. On or prior to the related Closing Date, the Seller shall receive a Purchase Advice. Upon such receipt, the Seller shall sell, transfer, assign, set over and convey to the Purchaser, without recourse, but subject to the representations, warranties, terms and provisions of this Agreement, all the rightof its rights, title and interest of the Seller in and to the Mortgage Loans identified on the related Mortgage Loans as being sold by itLoan Schedule, together with the related Mortgage Files and all rights and obligations arising under the documents contained therein, but excluding any BPP Fees, pursuant to the related Assignment and Conveyance Agreement. With respect to each Mortgage Loan purchased, the Purchaser shall own and be entitled to receive: (a) all scheduled principal due after the related Cut-off Date, (b) all other payments and/or recoveries of principal collected on or after the related Cut-off Date (provided, however, that all scheduled payments of principal due on or before the Cut-off Date whether or not and collected as of by the Servicer after the Cut-off Date shall belong to the Seller) and ), (c) all payments of interest on the Mortgage Loans net of the Servicing Fee (minus that portion of any such interest payment that is allocable to the period prior to the Cut-off Date) and (d) all BPP Mortgage Loan Payments payable by the LPMI Fee, if applicableServicer pursuant to Section 11.28 with respect to scheduled principal and interest due after the related Cut-off Date.

Purchase and Conveyance. The Purchaser will purchase all Mortgage Loans approved Seller, in exchange for funding the payment of the applicable Purchase Price by the Purchaser under Purchaser’s mortgage loan purchase program and pursuant to on the term of this Agreement and the Exhibits attached hereto. On or prior to the related Closing Date, the Seller shall receive a Purchase Advice. Upon such receipthereby sells, the Seller shall selltransfers, transferassigns, assign, set sets over and convey conveys to the Purchaser, without recourse, but subject to the representations, warranties, terms and provisions of this AgreementAgreement and each related Terms Letter, all the rightof its rights, title and interest of the Seller in and to the Mortgage Loans in the related Mortgage Loans Loan Package identified on Exhibit A to each related Assignment and Conveyance Agreement as being sold by it, together with the related Mortgage Files and the Servicing Rights related thereto and all rights and obligations arising under the documents contained therein. With respect to each Mortgage Loan purchased, the Purchaser shall own and be entitled to receive: (a) all scheduled principal due after the related Cut-off Date, (b) all other payments and/or recoveries of principal collected on or after the related Cut-off Date (provided, however, that all scheduled payments of principal due on or before the related Cut-off Date whether or not and collected as of by the Servicer after the related Cut-off Date shall belong to the Seller) and (c) all payments of interest on the Mortgage Loans net of the Servicing Fee (minus that portion of any such interest payment that is allocable to the period prior to the related Cut-off Date) and the LPMI Fee, if applicable).

Purchase and Conveyance. The Purchaser will purchase all Mortgage Loans approved Seller, in exchange for funding the payment of the applicable Purchase Price by the Purchaser under Purchaser’s mortgage loan purchase program and pursuant to the term of this Agreement and the Exhibits attached hereto. On or prior to the on each related Closing Date, the Seller shall receive a Purchase Advice. Upon such receipthereby sells, the Seller shall selltransfers, transferassigns, assign, set sets over and convey conveys to the Purchaser, without recourse, but subject to the representations, warranties, terms and provisions of this AgreementAgreement and each related Terms Letter, all the rightof its rights, title and interest of the Seller in and to the Mortgage Loans in the related Mortgage Loans Loan Package identified on Exhibit A to each related Assignment and Conveyance Agreement as being sold by it, together with the related Mortgage Files and all rights and obligations arising under the documents contained therein. With respect to each MERS Designated Mortgage Loan, the Seller has designated or shall designate within thirty-one (31) calendar days following the related Closing Date, the Purchaser as the Investor and no Person is listed as Interim Funder on the MERS® System. With respect to each Mortgage Loan purchased, the Purchaser shall own and be entitled to receive: (a) all scheduled principal due after the related Cut-off Date, (b) all other payments and/or recoveries of principal collected on or after the related Cut-off Date (provided, however, that all scheduled payments of principal due on or before the related Cut-off Date whether or not and collected as of by the Servicer after the related Cut-off Date shall belong to the Seller) and (c) all payments of interest on the Mortgage Loans net of the Servicing Fee (minus that portion of any such interest payment that is allocable to the period prior to the related Cut-off Date) and the LPMI Fee, if applicable).