Common use of Sale of Certificates Clause in Contracts

Sale of Certificates. At 11:00 a.m. New York City time on the Startup Date, at the offices of Xxxxxxx & Xxxxx L.L.P., 0000 Xxxxxxxxxxxx Xxxxxx, X.X., Xxxxxxxxxx, X.X. 00000, the Sponsor will sell and convey the Mortgage Loans and the money, instruments and other property related thereto to the Trustee, and the Trustee will (i) deliver to the Underwriter, the Class A Certificates with an aggregate Percentage Interest in each Class equal to 100%, registered in the name of Cede & Co. or in such other names as the Underwriter shall direct, against payment of the purchase price thereof by wire transfer of immediately available funds to the Trustee and (ii) deliver to the Sponsor, the Class B Certificates and the Residual Certificates, with an aggregate Percentage Interest equal to 100%, registered as the Sponsor shall request. Upon receipt of the proceeds of the sale of the Class A Certificates, the Trustee shall, from the proceeds of the sale of the Class A Certificates, pay such fees and expenses as are identified by the Sponsor, and pay to the Sponsor the balance after deducting such amounts. The Sponsor shall pay directly to the Certificate Insurer the Initial Premium.

Sale of Certificates. At 11:00 a.m. New York City time on the Startup Date, at the offices of Xxxxxxx & Xxxxx L.L.P., 0000 Xxxxxxxxxxxx Xxxxxx, X.X., Xxxxxxxxxx, X.X. 00000, the Sponsor will sell and convey the Mortgage Loans and the money, instruments and other property related thereto to the Trustee, and the Trustee will (i) deliver to the Underwriter, the Class A Certificates with an aggregate Percentage Interest in each Class equal to 100%, registered in the name of Cede & Co. or in such other names as the Underwriter shall direct, against payment of the purchase price thereof by wire transfer of immediately available funds to the Trustee and (ii) deliver to the Sponsor, the Class B Certificates and the Residual Certificates, with an aggregate Percentage Interest equal to 100%, registered as the Sponsor shall request. Upon receipt of the proceeds of the sale of the Class A Certificates, the Trustee shall, from the proceeds of the sale of the Class A Certificates, pay such fees and expenses as are identified by the Sponsor, and pay to the Sponsor the balance after deducting such amounts. The Sponsor shall pay directly to the Certificate Insurer the Initial Premium.

Sale of Certificates. At 11:00 11 a.m. New York City time on the Startup Date, at the offices of Xxxxxxx & Dewex Xxxxxxxxxx, 0001 Xxxxx L.L.P., 0000 Xxxxxxxxxxxx Xxxxxx, X.X.Xxx Xxxx, XxxxxxxxxxXxx Xxxx, X.X. 00000, the xxe Sponsor will sell and convey the Mortgage Loans and the money, instruments and other property related thereto to the Trustee, and the Trustee will (i) deliver to the UnderwriterRepresentative, the Group IA Certificates, the Group IIA Certificates, the Class A A-IO Certificates and the Class F-IO Certificates with an aggregate Percentage Interest in each Class equal to 100%, registered in the name of Cede & Co. or in such other names as the Underwriter Representative shall direct, against payment of the purchase price thereof by wire transfer of immediately available funds to the Trustee Trustee, (ii) deliver to Advanta National Bank the Class IB Certificates and the Class IIB Certificates, registered in the name of Cede & Co. or in such other names as Advanta National Bank shall direct, and (iiiii) deliver to the Sponsor, the Class B Certificates and the Residual R Certificates, with an aggregate Percentage Interest equal to 100%, registered as the Sponsor shall request. Upon receipt of the proceeds of the sale of the Class A Certificates, the Trustee shall, from the proceeds of the sale of the Class A Certificates, pay such other fees and expenses as are identified by the Sponsor, and pay to the Sponsor the balance after deducting such amounts. The Sponsor shall pay directly to the Certificate Insurer the Initial Premium.

Sale of Certificates. At 11:00 11 a.m. New York City time on the Startup Date, at the offices of Xxxxxxx & Xxxxx L.L.P.Dewex Xxxxxxxxxx XXX, 0000 Xxxxxxxxxxxx Xxxxxx1301 Avenue of the Americas, X.X.New York, Xxxxxxxxxx, X.X. 00000New York, the Sponsor will sell and convey the Mortgage Loans and the money, instruments and other property related thereto to the Trustee, and the Trustee will (i) deliver to the UnderwriterRepresentative, the Class A A-1 Certificates and to the Group II Underwriters the Class A-2 Certificates, each with an aggregate Percentage Interest in each Class equal to 100%% of such Class, registered in the name of Cede & Co. or in such other names as the Representative shall direct for the Class A-1 Certificates and the Group II Underwriter shall directdirect for the Class A-2 Certificates, against payment of the purchase price thereof by wire transfer of immediately available funds to the Trustee and (ii) deliver to the Sponsor, the Class B Certificates and the Residual R Certificates, with an aggregate Percentage Interest equal to 100%, registered as the Sponsor shall request. Upon receipt of the proceeds of the sale of the Class A Certificates, the Trustee shall, from the proceeds of the sale of the Class A Certificates, pay such other fees and expenses as are identified by the Sponsor, and pay to the Sponsor the balance after deducting such amounts. The Sponsor shall pay directly to the Certificate Insurer the Initial Premium.