Common use of Purchase and Conveyance Clause in Contracts

Purchase and Conveyance. The Seller, in exchange for the payment of the applicable Purchase Price by the Purchaser on the related Closing Date, shall sell, transfer, assign, set over and convey to the Purchaser, without recourse, but subject to the terms of this Agreement, all of its rights, title and interest in and to the Mortgage Loans identified on the related Mortgage Loan 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 and collected by the Servicer after the Cut-off Date shall belong to the Seller), (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 Servicer pursuant to Section 11.28 with respect to scheduled principal and interest due after the related Cut-off Date.

Purchase and Conveyance. The Seller, in exchange for the payment of the applicable Purchase Price by the Purchaser on the related Closing Date, shall sellhereby sells, transfertransfers, assignassigns, set sets over and convey conveys to the Purchaser, without recourse, but subject to the terms of this AgreementAgreement and each related Terms Letter, all of its rights, title and interest in and to the Mortgage Loans identified on in the related Mortgage Loan SchedulePackage 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, 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 related Cut-off Date and collected 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 Cut-off Date) and (d) all BPP Mortgage Loan Payments payable by the Servicer pursuant to Section 11.28 with respect to scheduled principal and interest due after the related Cut-off Date).

Purchase and Conveyance. The Seller, in exchange for the payment of the applicable Purchase Price by the Purchaser on the each related Closing Date, shall sellhereby sells, transfertransfers, assignassigns, set sets over and convey conveys to the Purchaser, without recourse, but subject to the terms of this AgreementAgreement and each related Terms Letter, all of its rights, title and interest in and to the Mortgage Loans identified on in the related Mortgage Loan SchedulePackage 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, but excluding any BPP Fees, pursuant to the Seller has designated or shall designate within thirty-one (31) calendar days following the related Assignment Closing Date, the Purchaser as the Investor and Conveyance Agreementno 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 and collected 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 Cut-off Date) and (d) all BPP Mortgage Loan Payments payable by the Servicer pursuant to Section 11.28 with respect to scheduled principal and interest due after the related Cut-off Date).