Common use of Purchase Date Clause in Contracts

Purchase Date. On the Purchase Date for any Transaction subject to this Agreement, Custodian shall transfer to Seller’s Account Cash from Buyer’s Account in an amount equal to the Purchase Price and transfer from Seller’s Account to Buyer’s Account Eligible Assets in accordance with Seller’s Written Instructions with respect to such Transaction, subject to the following provisions: (i) Review Procedures. By no later than 4:00 p.m. on a Purchase Date, Custodian shall review each of the Instruments received on such Purchase Date pursuant to Section 2(b) of this Custodial Addendum in order to determine that such Instruments (a) do not contain language expressly restricting or prohibiting assignment of such Instrument, (b) are, to the extent of any assignment provision or allonge affixed thereto that requires completion, fully completed to reflect Buyer as assignee or otherwise prepared in blank and (c) are substantially in one or more of the form(s) attached to the Mortgage Loan Custodial and Disbursement Agreement. Any Assets which are not Eligible Assets shall not be included in the calculations set forth below and shall not be transferred to Buyer’s Account. Seller shall promptly provide the complete entity name upon request from Custodian. The Custodian is only responsible for verifying the Portfolio Criteria set forth in items (i) through (xx) on Schedule II to Annex I of this Agreement based on the Asset Tape and shall not be responsible for verifying the representations and warranties set forth in Schedule I to Annex I.

Purchase Date. On the Purchase Date for any Transaction subject to this Agreement, Custodian shall transfer to Seller’s Account Cash from Buyer’s Account in an amount equal to the Purchase Price and transfer from Seller’s Account to Buyer’s Account Eligible Assets in accordance with Seller’s Written Instructions with respect to such Transaction, subject to the following provisions: (i) Review Procedures. By no later than 4:00 p.m. on a Purchase Date, Custodian shall review each of the Instruments received on such Purchase Date pursuant to Section 2(b) of this Custodial Addendum in order to determine that such Instruments (a) do not contain language expressly restricting or prohibiting assignment of such Instrument, (b) are, to the extent of any assignment provision or allonge affixed thereto that requires completion, fully completed to reflect Buyer as assignee or otherwise prepared in blank and (c) are substantially in one or more of the form(s) attached to the Mortgage Loan Custodial and Disbursement Agreement. Any Assets which are not Eligible Assets shall not be included in the calculations set forth below and shall not be transferred to Buyer’s Account. Seller shall promptly provide the complete entity name upon request from Custodian. The Custodian is only responsible for verifying the Portfolio Criteria set forth in items (i) through (xx) on Schedule II to Annex I of this Agreement based on the Asset Tape and shall not be responsible for verifying the representations and warranties set forth in Schedule I to Annex I.

Purchase Date. On the Purchase Date for any Transaction subject to this Agreement, Custodian shall transfer to Seller’s Account Cash from Buyer’s Account in an amount equal to the Purchase Price and transfer from Seller’s Account to Buyer’s Account Eligible Assets in accordance with Seller’s Written Instructions with respect to such Transaction, subject to the following provisions: (i) 1. Review Procedures. By no later than 4:00 p.m. on a Purchase Date, Custodian shall review each of the Instruments received on such Purchase Date pursuant to Section 2(b) of this Custodial Addendum in order to determine that such Instruments (a) do not contain language expressly restricting or prohibiting assignment of such Instrument, (b) are, to the extent of any assignment provision or allonge affixed thereto that requires completion, fully completed to reflect Buyer as assignee or otherwise prepared in blank and (c) are substantially in one or more of the form(s) attached to the Mortgage Loan Custodial and Disbursement Agreement. Any Assets which are not Eligible Assets shall not be included in the calculations set forth below and shall not be transferred to Buyer’s Account. Seller shall promptly provide the complete entity name upon request from Custodian. The Custodian is only responsible for verifying the Portfolio Criteria set forth in items (i) through (xx) on Schedule II to Annex I of this Agreement based on the Asset Tape and shall not be responsible for verifying the representations and warranties set forth in Schedule I to Annex I.